Dolat Ventures Inc. (OTCBB: DOLV) says its subsidiary Dove Diamonds & Mining reported that there has been a rise in tax imposed by Sierra Leone on high-value diamond exports. The tax has been raised from 6.5 percent to 15 percent, on diamonds valued $500,000 and above. The imposition was put into effect as of December 28, 2009.
Mr. Dovid Hauck, Chief Executive Officer of Dove Diamonds & Mining Inc., stated, “In addition to the new Mining laws, implementation of this new tax may allow for increased government social spending and reinforces that Sierra Leone is beginning to value its critical development in bringing in foreign investment to the country. We see substantial more investment into Sierra Leone in 2010.”
The country’s parliament recently passed a new minerals law through which the government hopes to boost revenues as a means of stimulating national economic growth. Under the new law, which still needs to be signed by the President of Sierra Leone, diamond royalties will rise from 5 percent to 6.5 percent and gold royalties will increase from 4 percent to 5 percent, according to the Wall Street Journal.
Sierra Leone’s wholesale diamond exports were valued at $98 million in 2008, according to the latest data published by the Kimberley Process (KP). The most recent official Sierra Leonean export figures valued shipments of diamonds at $36 million in the first six months of 2009.
About Dolat Ventures Inc. (OTCBB: DOLV)
Dolat Ventures Inc. through its wholly owned subsidiary Dove Diamonds & Mining intends to sell, market, cut and distribute its diamonds and gems around the world. The company intends to purchase rough and uncut diamonds and gems from international suppliers globally. For more information please visit www.dove-diamonds.com
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