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Diamond sales to be held in secret: ministry
08/09/2010 00:00:00
by Staff Reporter
 
 
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ZIMBABWE will not announce the sale of diamonds in future for security reasons and in line with international standards, the Mines Ministry said.

The Mines and Mining Development Ministry said diamond sales should be private like anywhere else in the world.

However, the ministry said keeping the lid on future sales did not mean that government was hiding something, as maintaining the requisite security standards was critical towards successful diamond sales.

Diamond buyers preferred to bid for the precious stones far from the prying attention of the media, it said in a statement

Zimbabwe last month sold 1,1 million carats of diamonds from the two companies mining in Chiadzwa - Mbada and Canadile -- after industry regulator the Kimberly Process Certification System allowed a once-off supervised sale while it checked levels of compliance with minimum production standards.

The KPCS had last November banned sale of the gems after some Western countries and civic groups alleged human rights violations in their production.

In terms of the agreement Zimbabwe reached with the KPCS, a second supervised sale would be conducted this month after which if the regulator was satisfied, the country would be allowed to resume sales without conditions.

Zimbabwe grossed US$54,5 million from the August supervised sale after the two mining companies in which it owns 50 percent took their share.



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