EU Lifts Sanctions on Zimbabwe Mining Development

The Times of India reported that the European Union has lifted sanctions on Zimbabwe Mining Development Corp., meaning that rough diamond prices from large companies like De Beers and ALROSA (MCX:ALNU) will see some softening. That means Surat’s small and medium diamantaires will now be able to buy rough diamonds again.

As quoted in the market news:

Small and medium diamantaires in the Rs 80,000 crore diamond industry of Surat had stopped purchasing rough diamonds due to 20 per cent increase in their price since January 2013.

The Federal Public Service Economy sent a note to Antwerp World Diamond Centre (AWDC) in Antwerp saying that European Union (EU) sanctions on ZMDC were lifted. Rough diamonds with Kimberley Process Certificates will be permitted into EU beginning September 25.

EU sanctions were originally imposed against Zimbabwe’s President Robert Mugabe and his allies in 2002 over allegations that they were involved in political violence and human rights abuses and had also failed to hold free and fair elections.

Click here to read the full report from The Times of India.