Zimbabwe seeks Dubai diamonds deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

Zimbabwe’s state-owned mining firm is seeking an agreement to distribute diamonds directly to Dubai without breaking rules against the sale of gems from its Marange fields, it has been reported.

Chris Mutsvangwa, chairman of Mineral Marketing Corporation, told Bloomberg that the US may also get involved in talks over proposals that could also see the African country’s stones distributed in China.

Zimbabwe, the world’s seventh largest diamond producer, had an output worth $865m in 2012, and the country’s mines minister has previously said this could double in 2013.

Some sanctions on Zimbabwe’s diamond industry were lifted in 2011 under the Kimberly Process, although stones from the country’s Marange fields are still subject to trade embargos.

Gems from this field have not been certified as conflict-free, with activist groups claiming that sales from Marange are used to fund the security forces of Zanu-PF, President Robert Mugabe’s ruling party.

Dubai is said to have imported $408m worth of Zimbabwean diamonds in 2011, up from just $1.7m in 2008. Many of the stones that are brought into the emirate are for re-export to countries including India, Belgium, China and Thailand.

It is unclear what percentage of exports to Dubai are currently from outside Marange, and therefore considered conflict-free.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Features & Analysis
Petroleum producers shift attention from Middle East: Kemp

Petroleum producers shift attention from Middle East: Kemp

Following four decades of war, sanctions, nationalisation and...

1
Gold industry shifts east as Dubai plans huge refinery

Gold industry shifts east as Dubai plans huge refinery

$60m refinery being built by Kaloti Precious Metals in Dubai...

1
Dubai gold dealers shun Turkish bars on fear of links to Iran

Dubai gold dealers shun Turkish bars on fear of links to Iran

Trade in Turkish gold bars to Iran via Dubai is drying up as...

2
Most Discussed