Rough diamond royalties increase by 5 per cent in Guyana

As per industry reports, the Guyana Geology and Mines Commission (GGMC) has served notice to all diamond traders that all locally mined rough diamonds would now be valued at a flat rate of $100 per carat up 33 per cent from an earlier $75 per carat.

The royalties have increased accordingly, to a total of 5 percent, or $5 per carat.

On the other hand, the Guyana Gold and Diamond Miners Association complained is disturbed by the ruling since they were not consulted before taking this decision.