June 2010 vol 17, Mining and Industry Indaba
Zimbabwe to sell $1.7bn diamond stockpile
Zimbabwe’s Cabinet has approved the immediate sale of stockpiled diamonds worth $1.7 billion (Sh132 billion) despite spirited opposition from Western countries who feel the country does not meet minimum requirements of the Kimberly Process.
The decision came a week after a KP meeting in Tel Aviv, Israel, failed to reach a consensus on the fate of the diamonds mined from the controversial Chiadzwa fields where illegal mining and rampant smuggling forced the government to deploy the army and soldiers.
The security forces have been accused of human rights violation and running diamond smuggling syndicates. A South African businessman Mr Abby Chikane who was appointed by the KP to assess whether the mining activities in Marange met requirements meant to stop trade in diamonds that fuel conflicts gave the cash strapped country the nod to export the precious stones.
Zimbabwe’s Mines Mining Development Minister Mr Obert Mpofu said the Cabinet decision followed a presentation he made on Tuesday about the outcome of the KP meeting, which he said was not against the country selling the stock pile of four million carats.
