Executive Council of Macau prepares a draft law on the diamond trade

29 March 2019

The Executive Council of Macau has drafted a bill that, if approved by the Legislative Assembly, will bring Macau into the Kimberley Process Certification System, according to an official statement.

The bill aims to bring Macao into line with the rules of the international trade of rough diamonds, to support the territory to diversify its economy through this trade, taking advantage of the networks created at home and abroad by China’s diamond exchange.

This is combined with the gemstone raw materials of the Portuguese-speaking countries, Macau’s position as World Centre for Tourism and Leisure and Platform of Services for Trade Cooperation between China and Portuguese-speaking Countries and emerging industries such as the convention and exhibition industry.

The Executive Council, which proposes 1 October 2019 for the entry into force of the proposed law, emphasised that economic operators have to hold an operating license for the import, export, transit, purchase, sale or transport of rough diamonds in Macau.

The proposal also outlines that the import of rough diamonds requires ownership of the certificate issued by the competent authority of origin and the export of rough diamonds requires ownership of the certificate issued by the Directorate of Economic Services.

The Kimberley Process Certification System regulates, supervises and controls the import, export and transit of rough diamonds.

The Executive Council of Macau is an advisory body created to advise and assist the Chief Executive in decision-making. It is composed of 7 to 11 advisers with a 5-year term appointed by the Chief Executive from among the main Macau Government officials, members of the Legislative Assembly and prominent public figures. (Macauhub)