Diamond Cutting and Polishing Act, 2007
An Act to promote and regulate the cutting and polishing of diamonds in Sierra Leone to add value to the domestic diamond industry.
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Summary
The Diamond Cutting and Polishing Act, 2007 is aimed at developing a domestic diamond value-addition industry in Sierra Leone by promoting and regulating the cutting and polishing of rough diamonds within the country, rather than exporting them only in rough form.
The Act provides for the licensing and regulation of diamond cutting and polishing operations, sets conditions for carrying on that business, and may offer incentives to encourage investment in local value addition. Its purpose is to increase the economic benefits Sierra Leone derives from its diamond resources and to create skilled employment.
Main provisions
- Promotes the local cutting and polishing of rough diamonds.
- Provides for the licensing and regulation of cutting and polishing businesses.
- Sets conditions for carrying on the business.
- Aims to add value to the diamond industry and create employment.
- Supports greater economic benefit from Sierra Leone's diamond resources.