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Diamonds Act, 1986 (Act No. 56 of 1986)

Chapter VI : Export of Diamonds

67. Fine in case of difference in values

 

1) If the difference in value of any unpolished diamond -
a) as specified in the return referred to in section 61(2) in relation to the value of that diamond as released for export in terms of section 69; or
b) as specified in the return referred to in section 61A(2) in relation to the value of that diamond as released for import in terms of section 69B,

is greater than 20 per cent, the Regulator shall impose upon the exporter or importer concerned a fine equal to 20 percent of the value of that diamond as released in terms of section 69 or section 69B (as the case may be).

 

2) Any fine imposed in terms of this section shall be paid by the exporter or importer concerned to the Regulator within 30 days of the date that fine was imposed.

 

3) Any money paid to the Regulator as described in subsection (2) shall be paid into the National Revenue Fund within seven days after receipt thereof.

 

[Section 67 amended by section 19(8) of the Diamond Export Levy (Administration) Act, 2007 (Act No. 14 of 2007)]

 

 


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