Section 11, The Diamond Corporations Agreement (1959) (Ratification) Ordinance

(a) The Corporation warrants that it will sort and value all diamondsrendered to the Government Diamond Office for export and marketing in accordance with the agreed Sample Parcel. Provided that the prices attributable to the constituent lots which make up the sample parcel may from time to time be varied by agreement between the Executive Board and the Corporation and in case of disagreement the matter shall be referred to the Government Valuator whose decision shall be final. (b) The prices which during the currency of this Agreement will be payable to producers shall be diminished by 1% (one per centum) thereof or by 6% (six per centum) in accordance with Sub-clause (h) of this Clause. (c) The Government warrants that the Government Diamond Office will offer to the Corporation and the Corporation will undertake for a period of 5 (:five) years from the First day of August One thousand nine hundred and fifty-nine to buy all diamonds produced in Sierra Leone (except as hereinafter mentioned) delivered to the Government Diamond Office for export and marketing which diamonds shall be offered to the Corporation by the Government Diamond Office on behalf of the producers according to the assortment and prices arrived at in terms and provisions of Sub-Clauses (a) and (b) of this Clause and the Corporation will purchase such diamonds from the Government Diamond Office on behalf of the producers at thos-e prices. (d) Should the producer of any diamonds brought to the Government Diamond Office for the purpose of export and marketing which may be valued in accordance with the provisions of Sub-clause (a) of this Clause at £5,000 (Five thousand pounds) or more or such other amount as may be determined from time to time by the Executive Board of the Government Diamond Office not wish to accept the price payable therefor by the Government Diamond Office in accordance with the foregoing sub-clauses the Government Diamond Office shall at the request of such producer ship such diamonds from time to time to London where the Corporation will arrange for them to be offered for sale by tender to any of the buyers on the accredited lists of the Central Selling Organisation, The Diamond Trading Company or to any person or persons recommended by the Government. The Government Diamond Office may defer the shipment for offer for sale by tender of any diamonds covered by this sub-clause until the total value thereof shall be not less than £50,000 (Fifty thousand pounds) or such other amount as may be decided from time to time by the Executive Board or until a shipment under Sub-clause (e) is made whichever is the earlier. The nett receipts for any sales made in the manner aforesaid shall be distributed by the Government Diamond Office amongst the producers concerned in proportion to the respective valuations of their diamonds made in accordance with the provisions of Sub-clauses (a) and (b) of this Clause. (e) Individual parcels valued at £10,000 (Ten thousand pounds) or above or such other amounts as may be determined from time to time by the Executive Board shall at the request of the producer be shipped to London and put out to tender and the proceeds after the deduction of commission and taxes paid to the producer by the Government Diamond Office. In such cases the producer may appoint by arrangement with the Executive Board a Diamond Corporations Agreement (1959) (Ratijicat1:on) [Cap. 285 representative agreeable to both parties to be present while the parcel is offered for sale. (f) No producer of diamonds having once delivered the same to the Government Diamond Office for tendering shall be entitled to withdraw or obtain re-delivery to him of the said diamonds. (g) The Government Diamond Office will arrange to advance by way of loan to any producer whose diamonds are being dealt with in accordance with Sub-clauses (d) and (e) of this Clause and who desires such loan not more than 75% (Seventy-five per centum) of the valuation of the diamonds in question made in terms of Sub-clauses (a) and (b) of this Clause. The first £75,000 (Seventy-five thousand pounds) of such loan shall be free of interest and thereafter a rate of interest of 2% (two per centum) above British Bank Rate for the time being shall be payable. (h) There shall be deductable from the proceeds of the sale of diamonds sold at tender in terms of Sub-clauses (d) and (e) of this Clause a commission payable in London to the Company effecting the sale equal to 6% (six per centum) of such sale price. (i) The proceeds after the deduction of the 1% (one per centum) or 6% (six per centum) as specified in Sub-clauses (b) and (h) of this Clause (subject to the provisions of Sub-clause (g) of this Clause) of all sales effected in accordance with Sub-paragraphs (c) or (d) and (e) of this Clause shall be subject to the deductions to be made by the Government Diamond Office in respect of Export Duty Alluvial Diamond Tax or any other Tax from time to time in force relating thereto which said taxes shall be borne by the producers of diamonds so sold .. Such proceeds shall be paid to the Government Diamond Office as agents for the respective sellers and the Government Diamond Office shall after making such deductions aforesaid distribute the nett proceeds to the sellers concerned within one calendar month after the date of Shipment from Sierra Leone.