Zimbabwe Missing $2 Billion in Diamond Revenue

The Canadian Press reported that a recent bipartisan parliamentary investigation into Zimbabwe’s diamond mining industry shows that diamond earnings worth “tens of millions of dollars” are missing just from 2012. The report writers believe underhanded dealings and diamond smuggling have been taking place since 2009.

As quoted in the market news:

Some $2 billion in Zimbabwe’s diamond revenues have been unaccounted for since 2008, according to Global Witness, which campaigns against natural resource-related conflict and corruption and associated environmental and human rights abuses. Zimbabwe is the world’s fourth-largest diamond miner, producing an estimated 17 million carats this year, according to the Kimberley Process which is charged with ensuring that gems reaching world markets don’t bear the taint of being “blood diamonds.” Marange diamonds have been declared conflict free.

Click here to read the full report from The Canadian Press.