India approves import of Marange diamonds

SURAT: The Indian Union ministry of commerce on Friday approved import of rough diamonds belonging to the diamantiares of Surat from Zimbabwe's controversial Marange diamond field.

Industry sources said the journey of the rough diamonds from Zimbabwe to Surat has been long and complicated. The goods were mined in Marange diamond field in 2010, auctioned in November 2010 after the plenary meeting of the Kimberley Process (KP) in Jerusalem and sold to Surat diamantaires.

Surat buyers, who were issued KP certificates by the KP monitory Abbey Chikane, exported the goods to Dubai, where they were stopped by the UAE's Kimberley Process Office after KP put an embargo on the export and import of Zimbabwe rough diamonds on November 4, 2010.

The UAE stated in December 2010 that rough diamond shipments from Zimbabwe's Marange region will not be allowed to be exported to India until full consensus amongst KP participants is reached on the approval to the export of diamonds from Zimbabwe and that the goods were held in the Dubai's free trade zone.

On June 29, 2011, the UAE allowed the export of Zimbabwe rough diamonds to India after KP's Working Group on Monitoring (WGM) approved the export. The goods arrived in India, but they were seized by the customs awaiting final approval from the central government.

"We were in constant touch with the commerce ministry over the release of the rough diamond consignment belonging to Surat diamantaires for the last one month. Finally, the commerce ministry has given its clearance to hand over the goods to the respective traders on Friday," regional chairman of Gems and Jewellery Export Promotion Council (GJEPC) Chandrakant Sanghavi said.

According to Sanghavi, about 15 parcels of Zimbabwe rough diamonds belonging to as many as 13 diamantaires from Surat have been released by the GJEPC's regional office in the city. The release of the Zimbabwe rough diamonds has spread excitement in the local market as the rough diamond prices have appreciated by almost 50 per cent in the past one year.

"The fresh flow of Zimbabwe rough diamonds will ease the price pressure faced by the diamantaires for the past one year," a DTC sightholder said.

Comments