The South African Diamond & Precious Metals Regulator (SADPMR) or “the Regulator” for short was established to administer the Diamonds Act, 1986 (as amended) and the Precious Metals Act, 2005 (Act 37 of 2005). The Precious Metals Act, 2005 (Act 37 of 2005) commenced on 1 July 2007 and Regulations made under the Act took effect on 9 July 2007. These Regulations were amended on 4 April 2008. The Diamond Exchange and Export Centre (DEEC) was established by the South African Diamond and Precious Metals Regulator (SADPMR), in terms of section 59(b) of Act no.30, 2005 and started operating on the 14th January 2008. One of the core function of the SADPMR is to facilitate the buying, selling, exporting and importing of diamonds through its Diamond Exchange and Export Centre (DEEC). The DEEC is a secure and controlled environment where goods are offered to other licensees, and plays a vital role in ensuring that unpolished diamond tenders are facilitated fairly to the local market.