Wednesday 28 November 2012

Re-definition of ‘conflict gems’ unlikely: KP chair

Re-definition of ‘conflict gems’ unlikely: KP chair

The US is lobbying for a re-definition to “rough diamonds used to finance armed conflict or other situations relating to violence affecting diamond-mining areas”.

Billionaires eye Zim diamonds

A group of Middle East and Asian billionaires has given strong indications that they intend to invest in the country’s diamond sector following projections that Zimbabwe has up to 1,8 million hectares of unexploited diamond reserves.

Diamond experts have already hinted that Zimbabwe gems will double world diamond supply by 2015 since Marange precious stones continue to attract some of the biggest players in world diamond trade.

The billionaires include Dubai Multi-Commodities Centre (DMCC) executive chairman Sultan Ahmed Bin Sulayem, who has close links with the super-rich Al Maktoum royal family of the United Arab Emirates as well as members of India’s “diamantries”, who are a clique of the richest diamond dealers in the world.

In an interview last week, ZMDC chairman Mr Godwills Masimirembwa confirmed negotiations with the potential investors had already opened.

“We are indeed holding negotiations with the investors from the Emirates although negotiations are still at an early stage,” he said.

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