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Sierra Leone's Diamond Exports Fall Sharply in 2009

The value of Sierra Leone's diamond exports decreases by 20 percent in 2009, the West African country stated last week. Diamond exports were valued at $79 million for 2009, down from $99 million in 2008.

The report comes after news of the government enacting new taxes and restrictions on diamonds, which many traders believe to be harmful to the industry and likely to increase smuggling.

In early January, Sierra Leone placed a 15 percent tax on exports of diamonds worth $500,000 or more. The tax hike took effect on December 28. Similarly, a mining act passed last November raised taxes on diamonds to 6.5 percent from 5 percent.