Maligned Marange Diamond Miners Selling Gems at Discount

AllAfrica reported that Zimbabwe companies that have been certified as compliant with the Kimberley Process are selling their rough Marange diamonds for 25 percent less than the normal price due to allegations that they have been involved in undemocratic activities, as per information from a Parliamentary Portfolio Committee on Mines and Energy.

The report states:

Currently, the diamonds are sold at below 25 percent of the normal price. In the process, the sanctioned diamond companies are trading their diamonds through unconventional means because major international banks, insurance companies and couriers do not want to be associated with Marange diamonds.

The US seems adamant not to remove the sanctions because a letter was written in 2011 by the Minister of Finance requesting for the removal of restrictions because of the impact it was having on the socio-economic development of the country. In an act of solidarity, the World Diamond Council also called for the removal of the sanctions at a diamond conference that was held in Victoria Falls in 2012.

Click here to read the full AllAfrica report.