The South African Diamond and Precious Metals Regulator was established in term of the Diamond Act, 56 of 1986, as amended and the Precious Metals Act, 36 of 2005. The South African Diamond and Precious Metals Regulator is responsible for the regulation of diamonds, gold and platinum group metals. It is classified as schedule 3A public entity in terms of the Public Finance Management Act, 1999 (Act No 1 of 1999) and is funded through state grants via the Department of Mineral Resources.