Maravi

(NEWZIMBABWE) US group bans Marange diamonds

US group bans Marange diamonds
22/12/2011 00:00:00
by Staff Reporter

THE US-based Rapaport Group -- which brings together some 6000 diamond traders from 78 countries -- said Thursday it would boycott diamonds from Zimbabwe's Marange field despite the Kimberly Process (KP) clearing the gems for export.

The group's chairman, Martin Rapaport also threatened companies continuing to trade in the diamonds warning they would be expelled from the trade group. The move comes after the US government recently imposed sanctions on two companies operating in Marange. Rapaport claimed any trade in Marange diamonds would harm the industry's reputation.

"You can ruin your reputation very easily by finding yourself on the wrong side of the human rights issue in a world where consumers are becoming more sensitized to it," he said in a conference call with Rapaport members.

"We at RapNet are going to make extreme efforts to ensure that, to the best of our ability, the diamonds we offer are non-Marange."

He urged Rapaport's 6,750 trading members in 78 countries to be on the lookout for the characteristic green tinge of Marange diamonds.

"We want members to honestly, responsibly and reasonably investigate where the diamonds are coming from," he said. "Explain to your suppliers: look this is an important issue for us for legal reasons, for moral reasons."

The Marange field has been at the center of years-long controversy with the KP forced to suspend exports from there over allegations of human rights abuses.

However, this year the Kimberley Process allowed two companies to start exporting from Marange, a decision supported by China and India but opposed by Western nations, rights groups and the industry.

Zimbabwe is said to have stockpiled gems now estimated to be worth up to US $5.0 billion.

Labels: MARANGE DIAMOND FIELDS

posted by MrK @ 4:58 PM