Business / International
India releases Zim's rough diamonds worth $22,7 million
22 Dec 2011 at 09:18hrs | Views
India's Directorate of Revenue Intelligence (DRI) has released a consignment of rough diamonds worth $22,7 million seized from Zimbabwe, Daily News reported.
Latest media reports by global diamond watchdog Rapaport Group (Rapaport) revealed that the gems were held from Indian diamond firm Arjav Diamonds Private Limited.
The goods were released after the company and the Gems & Jewellery Export Promotion Council (GJEPC) proved their legality and journey from Zimbabwe via Dubai to India.
The report noted that the consignment belonged to the Surat Rough Diamond Sourcing India Limited (SRSDIL) and was designated for distribution to member diamantaires, but the goods were being kept at Surat-based Arjav Diamonds, owned by Ashit Mehta, who is also the chairman of SRSDIL.
GJEPC verified all the details regarding the goods and submitted the documents to DRI showing the legal entry of the consignment to India within the formalities of the Kimberley Process Certification Scheme.
"The council had assisted the DRI with facts and figures to investigate. We commend DRI for its efforts in keeping illicit diamonds out of the Indian system," GJEPC's chairman, Rajiv Jain, is quoted as saying.
"We are ever vigilant against the trade of illicit diamonds in India. The council was surprised to note (that) this incident happened with the prominent companies, SRSDIL and Arjav Diamonds."
DRI officials raided the premises of Arjav Diamonds on November 30 and seized 500 000 carats of rough diamonds from Zimbabwe with an estimated value of $22,7 million. The raid came after a tip-off that the goods were bought from Zimbabwe's controversial Marange diamond field via Dubai without following the KPCS requirements.
"We are happy that both our companies have come out clean in the whole issue," company officials told Times of India. "We will continue to do the due diligence with regards to maintenance of procedural formalities of KP and import-export regulations of the country," the report cited company officials as saying.
The release should come as a relief to Zimbabwe especially at a time the country faces a ban on its gems in the US, the world's biggest diamond buyer, and the European Union.
Today, Rapaport is set to reinforce its ban on Zimbabwe's Marange diamonds as the network discusses strategies to prohibit Zimbabwe's diamond trade.
Martin Rapaport, Rapaport chairman, will address a telephone conference on the group's policy regarding Marange diamonds at 3pm Mumbai time and again at 12:00 pm New York time.
The ban is in spite of KP certification on the Marange gems in November.
Recently, the US government's Office of Foreign Assets Control added two of Zimbabwe's diamond miners - Mbada Diamonds and Marange Resources ' to its long list of people and companies under government sanctions.
The diamond firms will not be able to openly trade with the US-the largest diamond market - after they barred any US entity to trade in Zimbabwean diamonds whether they are in rough or polished form, putting government's capacity to achieve its $600 million diamond revenue collection in 2012 to doubt.
Latest media reports by global diamond watchdog Rapaport Group (Rapaport) revealed that the gems were held from Indian diamond firm Arjav Diamonds Private Limited.
The goods were released after the company and the Gems & Jewellery Export Promotion Council (GJEPC) proved their legality and journey from Zimbabwe via Dubai to India.
The report noted that the consignment belonged to the Surat Rough Diamond Sourcing India Limited (SRSDIL) and was designated for distribution to member diamantaires, but the goods were being kept at Surat-based Arjav Diamonds, owned by Ashit Mehta, who is also the chairman of SRSDIL.
GJEPC verified all the details regarding the goods and submitted the documents to DRI showing the legal entry of the consignment to India within the formalities of the Kimberley Process Certification Scheme.
"The council had assisted the DRI with facts and figures to investigate. We commend DRI for its efforts in keeping illicit diamonds out of the Indian system," GJEPC's chairman, Rajiv Jain, is quoted as saying.
"We are ever vigilant against the trade of illicit diamonds in India. The council was surprised to note (that) this incident happened with the prominent companies, SRSDIL and Arjav Diamonds."
"We are happy that both our companies have come out clean in the whole issue," company officials told Times of India. "We will continue to do the due diligence with regards to maintenance of procedural formalities of KP and import-export regulations of the country," the report cited company officials as saying.
The release should come as a relief to Zimbabwe especially at a time the country faces a ban on its gems in the US, the world's biggest diamond buyer, and the European Union.
Today, Rapaport is set to reinforce its ban on Zimbabwe's Marange diamonds as the network discusses strategies to prohibit Zimbabwe's diamond trade.
Martin Rapaport, Rapaport chairman, will address a telephone conference on the group's policy regarding Marange diamonds at 3pm Mumbai time and again at 12:00 pm New York time.
The ban is in spite of KP certification on the Marange gems in November.
Recently, the US government's Office of Foreign Assets Control added two of Zimbabwe's diamond miners - Mbada Diamonds and Marange Resources ' to its long list of people and companies under government sanctions.
The diamond firms will not be able to openly trade with the US-the largest diamond market - after they barred any US entity to trade in Zimbabwean diamonds whether they are in rough or polished form, putting government's capacity to achieve its $600 million diamond revenue collection in 2012 to doubt.
Source - Daily News
