(1) The Minister may suspend or cancel a licence issued to an exporter of rough diamonds under section 1 if the holder

(a) fails to submit a report required under section 4 or 5,

(b) is in breach of a provision of this Act or any other enactment relating to the export and import of rough diamonds,

(c) makes a statement to the Minister in connection with a Kimberley Process Certificate which the exporter knows or ought to have known to be false, or

(d) for any reason becomes ineligible to apply for a Kimberley Process Certificate under this Act.

(2) The Minister shall before suspending or cancelling a licence, give notice to the holder in the manner determined by the Minister and shall in the notice require the holder to remedy the breach and where the breach cannot be remedied, show cause to the satisfaction to the Minister why the licence should not be suspended or cancelled.

(3) On cancellation of a licence, the rights of the holder shall cease but without prejudice to the liabilities or obligation incurred by a person prior to the date of the cancellation.