Maravi

(NEWZIMBABWE, BLOOMBERG) Diamond exports can start immediately: EU
10/10/2013 00:00:00
by Bloomberg

THE European Union’s representative in Zimbabwe said the country can resume exports of diamonds mined in Marange to the 28-member bloc after sanctions were lifted last month.

“They can start immediately,” Aldo Dell’Ariccia, the head of the European Union delegation, said Wednesday on the side-lines of a Confederation of Zimbabwe Industries meeting in Bulawayo.

A Belgian delegation of diamond buyers, cutters and polishers is expected to arrive in the country before the end of this month, he said.

The EU last month ended sanctions against the state-owned Zimbabwe Mining Development Corporation which operates five mining companies on a 50:50 joint venture basis with private investors in the eastern Marange district.

Advocacy groups including Ontario-based Partnership Africa Canada, have accused Zimbabwe’s ruling party of looting about $2 billion from the Marange fields, partly to fund the nation’s military.

Lifting sanctions is expected to boost Zimbabwe’s tax revenue by $400 million a year, according to the EU.

The bloc wants to ensure that some polishing and cutting of the gems is done in Zimbabwe so that “more value-added remains in the country,” Dell’Ariccia said. “Now we don’t have restrictive measures anymore against ZMDC, European investors and specialists can see what can be done.”

Zimbabwe is expected to mine 16.9 million carats this year, according to Mines Ministry estimates. Last year, the country produced 8 million carats, generating $685 million of revenue.

Labels: ALDO DELL'ARICCIA, BELGIUM, DIAMONDS, EU, SANCTIONS, ZDERA

posted by MrK @ 4:05 PM