Gov�t seeks first right to �historic� diamond finds

A recently gazetted draft Bill for amending the Precious and Semi-Precious Stones Act contains a new clause that compels any producer that comes into possession of an unusual rough or uncut diamond to notify the minister within 30 days following which government shall have the right of first refusal to the stone.

“The price to be paid by government for a rough or uncut precious stone offered for sale by the producer shall be agreed between the parties in accordance with the current market price of the rough or uncut precious stone,” read the Bill.