Standard Bank dismiss Marange diamonds allegations

Standard Bank has dismissed the allegations by Partnership Africa Canada that the Zimbabwe subsidiaries of Barclays Bank and South Africa-based Standard Bank were involved in the sales of Marange diamonds.

"Standard Bank refutes the allegation by international human rights group Partnership Africa Canada that it or its affiliates own shares in Zimbabwean banks that have ties to the Marange diamond field.

"This (allegation) is unfounded and based on a misunderstanding of the fiduciary relationship between Stanbic Nominees and its clients," the bank said in a statement issued on Tuesday.

AAG has also hit out at the NGOs that it says that continue to seek relevance by attacking and undermining Zimbabwe's right to sell it's Marange diamonds unconditionally.

In a statement issued on Tuesday, the President of the AAG, Supa Mandiwanzira, said  since the Kimberly Process certified Marange and Mbada diamonds to sell their  rough diamonds, a host of clue-less non-governmental organisations have started making unsubstantiated allegations of human rights abuses in Chiadzwa.

Partnership Africa Canada also cited local banks, BancABC, Commercial Bank of Zimbabwe and Premier Banking Group, warning that by facilitating Marange diamond sales they were "participating in diamond-related violence".

The group's research director Alan Martin claimed: "These banks subscribe to a higher ethical bar than those who are trafficking these dirty (Marange) diamonds" from Zimbabwe's Marange diamond field.