Business / Economy
Release Zimbabwe's confiscated diamonds
28 Jun 2011 at 13:48hrs | Views
ZMDC chairman Mr Godwills Masimirembwa said Zimbabwe's alluvial diamonds confiscated by various countries en route to export markets should be released, following a recent decision by the Kimberley Process to allow the country to freely market its gems.
The KP gave Zimbabwe the green light to market diamonds from Marange at its meeting in Kinshasa last week. This ended a long trade ban it had imposed on suspicion Zimbabwe's gems were "bloody".
Before the lifting of the ban, Belgium and the United Arab Emirates had reportedly confiscated Zimbabwe diamonds.
Some of the gems taken by Belgium are thought to be in Antwerp at the World Diamond Centre.
Both countries seized the diamonds on the grounds Zimbabwe was not authorised by KP to export them.
The official said the US, through its Foreign Assets Control Office, was blocking buyers from making payments to the ZMDC through international banks as the ZMDC is one of State-run companies under US sanctions imposed in 2001.
The ZMDC chairman also said diamond output, which had declined because of the trade ban, was now expected to rise after the lifting of the embargo.
The KP gave Zimbabwe the green light to market diamonds from Marange at its meeting in Kinshasa last week. This ended a long trade ban it had imposed on suspicion Zimbabwe's gems were "bloody".
Before the lifting of the ban, Belgium and the United Arab Emirates had reportedly confiscated Zimbabwe diamonds.
Both countries seized the diamonds on the grounds Zimbabwe was not authorised by KP to export them.
The official said the US, through its Foreign Assets Control Office, was blocking buyers from making payments to the ZMDC through international banks as the ZMDC is one of State-run companies under US sanctions imposed in 2001.
The ZMDC chairman also said diamond output, which had declined because of the trade ban, was now expected to rise after the lifting of the embargo.
Source - Byo24News
