Banner
Business Online
Where am I? Home Mining Sector Mining Finance Zim 'looks east' for diamond sales
diamondZimbabwe on Monday shrugged off a ban by a major diamond trading network on gems from its controversial Marange diamond fields, saying it was sure to find buyers in Russia and Asia.

The US-based Rapaport Diamond Trading Network, or RapNet as it is known, warned in a statement on its website that it would publicly denounce and expel any of its members who dealt in Marange diamonds.

The network links thousands of diamond suppliers and buyers across the world.

RapNet founder Martin Rapaport said that although the global diamond watchdog called the Kimberley Process (KP) had authorised Zimbabwe last week to sell nearly 900 000 carats of Marange diamonds, RapNet still viewed the gems as tainted.

"RapNet members that knowingly offer Marange (the region where the alluvial diamonds are found) diamonds for sale on RapNet will be expelled from RapNet and their names will be publicly communicated," he warned.

'Not surprised'

Zimbabwe Mining Minister Obert Mpofu told the German Press Agency dpa he was "not surprised at all".

"You might be aware that America, the European Union and the United Kingdom have made every effort to make Zimbabwe fail," he said.

"In any case, these countries do not constitute the entire market of diamonds.

"We will sell our stones to countries where they are welcome. We have countries like Russia, China, India and other Asian countries where we can market our diamonds."

The Harare government auctioned off 893 000 carats of diamonds from the Marange region, where the army is accused of gross human rights violations against illegal miners and villagers since 2008.

Buyers from the US, Lebanon, India, Israel and Russia attended the auction, which the government said boosted government coffers by around $71m.

Last year, the KP ordered Zimbabwe to suspend its diamond exports while it investigated conditions in Chiadzwa. After several visits to the area, and a partial withdrawal of the army, the KP has cleared the cash-strapped government to export gems that have been mined under KP supervision.

Not in the clear

Rapaport, however, noted that the KP green light did not automatically put Zimbabwe's diamonds in the clear.

The KP was set up to clamp down on trade in "blood diamonds" - diamonds used to fund conflicts.

Zimbabwe, which denies allegations that the army killed scores of illegal diamond diggers in 2008, has said the label cannot apply to its diamonds because there is no war in the country.

However, the KP "does not have a mandate to deny its certification for diamonds involved in human rights violations and therefore there is no assurance that diamonds with KP certification are free of human rights violations," Rapaport said.

"We strongly urge members to contact their suppliers and obtain written assurances that they are not being supplied Marange diamonds," Rapaport cautioned.
ADD your comments
Write comment
Name:
Email:
 
Title:
UBBCode:
[b] [i] [u] [url] [quote] [code] [img] 
 
:angry::0:confused::cheer:B):evil::silly::dry::lol::kiss::D:pinch::(:shock::X:side::):P:unsure::woohoo::huh::whistle:;):s
Comment:
  Disclaimer
BO.co.zw encourages freedom of speech and the expression of diverse views. The views of users published on BO.co.zw are therefore their own and do not represent the views of BO.co.zw. All posts are monitored by BO.co.zw's editors and grossly derogatory posts will be deleted. The BO.co.zw editorial team will delete your comment should you post abusive comments, use vulgar language or make discriminatory observations.

3.26 Copyright (C) 2008 Compojoom.com / Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."

Last Updated ( Tuesday, 17 August 2010 10:16 )  
May 22 2012 12:41 | LAST UPDATED May 21 2012 15:36
 

Banner
vote
Will Zimbabwe meet its 2012 growth targets
Sponsored by: 4Cast Research
Banner

Related Articles

1
Zim tries to lure SA firms
2
Lonrho sheds non-core assets to focus on Angolan diamonds, pursues dual listing
3
Motsepe jets in
4
SA firms want Zim guarantees
5
SA offers Zimbabwe US$50m credit facility
6
Zimbabwe gold mines begin to re-open, but uncertainty stifling big investment
7
Zim: SA co's to get land rights
8
ARM, Vale mull $300m Zimbabwe investment
9
MTN confirms Zim mobile network plans
10
Implats positive on Zimbabwe
11
ZSE opens week low
12
U.S. faces Zimbabwe-sized inflation rate
13
Dutch ING to quit Russian banking market
14
Vic Falls' World Cup hopes
15
Zim collects 0.4% of targeted donor funds
16
Zim to get KP certificate
17
Mwana says plans advanced to reopen Zim nickel mine
18
Rio says no major loss from Zim diamond ban
19
Zim confident donors will open aid taps
20
Zim May Cut Its Demand For Black Ownership to 15% of Local Operations
21
Stanley & Livingstone Zim best hotel
22
Zim tobacco deliveries reach highest in 8 yrs
23
Tough rules for foreign land buyers
24
Zim produces 4t gold in first half
25
World Cup tourists speed up retail sales growth
26
OM confirms HSBC bid for Nedbank
27
Invesco's interest in Zim investment raises concerns
28
Gvt gets $30mln dividend from diamonds
29
Zim govt re-invites bids for 70% Zisco stake
30
Zim gets diamond polishing centre
31
Copperbelt of Zambia may invest in Zim
32
S. Korea's Posco in talks with Zim on development of raw materials
33
UK billionaire Richard Branson urges investors to consider Zim
34
Soros: conditions 'pretty perfect' for gold
35
Zim govt shuns UK investors
36
Botswana Diamonds lists on Aim, eyes projects in Zim
37
Zim, China sign US$585m in deals
38
IDC to finance Zim firms
39
Libya remains concern for traders
40
Platinum miners tumble as Zim turns up heat
41
Zim gem exports can continue amid objections - KP
42
SA mining charter set for more changes
43
ACR reports progress at Zim gold projects
44
Corporate restructurings spree in Zim - Imara
45
Zim pursues NEC set up
newsletter & Alerts
The latest news and analysis delivered to your in-box. Check the boxes below to sign up.
4Cast Executive Update
4Cast Financial Markets
sponsored links
Fidelity Life Assuarance Fidelity Life Assuarance
Kingdom Financial Holdings Kingdom Financial Holdings
Interfin Group Interfin Bank
Rainbow Tourism Group Rainbow Tourism Group
Business Online © 2012 All Rights Reserved.