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2 Sep 2014

So. Africa: "Rough and Polished" report alleges tax avoidance by diamond mining companies; De Beers denies claim

A recent study, “Rough and polished: a case study of the diamond pricing and valuation system”, has found that “…South Africa’s diamond industry is benefitting from royalty and export tax structures riddled with loopholes, shortchanging citizens of one of the world’s premier sources of diamonds of tens of millions of dollars a year in revenue.” The report further states that “[t]he main beneficiary of a system tilted in industry’s favor is De Beers”. De Beers denies this claim - see report, related materials and De Beers response below.

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