No,the movie have no relevance to South Africa.The diamond trade in South Africa is tightly controlled and regulated.The ANC never controlled any resources until after 1994 elections when they were voted into power.The diamond trade is still been dominated by Be Beers as it has done since the discovery of diamonds.Countries like Angola,Sierra Leone and the Democratic Republic of Congo is known to be engaged in the so called "blood diamond" trade and the RNF is only a metaphor for rebel movements and rogue governments that used this method to fund their wars.This lead to the Kimberley Process on conflict diamonds, prohibiting the trade in blood diamonds.