OWN CORRESPONDENT, Johannesburg | Thursday 4.15pm
AN unusually large amount of diamond exports during September is behind an unexpected swing to a R1,37-billion trade surplus for the month, a senior customs official said on Thursday.
The official, who asked not to be identified, said that diamond sales worth roughly R1,9-billion has been included in the September data following the end of dispute between the government and diamond giant De Beers.
This had halted gem exports since March and was only resolved in August.
“The moratorium on diamond exports was lifted and all the diamonds held back for export were released on one go,” said the official.
September’s R1,37-billion surplus compared to a deficit of R1,08-billion in August and comfortably beat analyst expectations for a surplus of only R350-million.
Economists said that if the additional diamond exports were stripped out, the September balance would in fact have been pegged back to a slim deficit.
“If almost two billion rand was from diamonds, stripping out that once-off influence would have put us into deficit,” said economist Nick Barnardt at AMB in Johannesburg.
Monthly diamond exports fluctuate between R200-million and R500-million, the customs official said.