23 November 2017
   
Immunity deal for ex-president, wife
UK minister visits Zimbabwe
Missing Mphoko is Acting President
Mysteries about Mugabe's downfall
Zim economic situation very difficult: IMF
KEN YAMAMOTO: What you didn’t know
Coup: ED in 'constant' contact with the army
ZCTU: No more thieves & thugs in cabinet
MORE NEWS
Mnangagwa: Investors already flocking in
Hippo valley income up fourfold in H1
MORE BUSINESS
VIDEO: Bob portrait hotel brawl
Jah Prayzah salutes Zimbabweans
MORE SHOWBIZ
Dembare's Mukamba goes AWOL again
Premiership back in Mutare city
MORE SPORTS
Legacy of economic ruin and upheaval
Caught between the Croc and Gucci City
MORE OPINION
 
The Coriolanus factor and its aftermath
This isn’t a national democratic project!
MORE COLUMNISTS
 
 
Zim eyes $2bn annual diamond windfall
31/08/2010 00:00:00
by Nelson Banya, Reuters
 
 
RELATED STORIES
UNDP: Zim so rich it can be Africa's NO 1
Diamonds funding state terror: global group
Gvt says diamonds sector dead, engages Chinese
Marange villagers still wait for compensation
De Beers’ Marange ‘looting’ files missing
De Beers maintain Marange denial
NGOs step-up anti-Marange fight
Israeli diamond smuggler expelled
Israelis held over diamonds
Zim blasts 'jealous howling' over Marange
Europeans keen on Zim diamonds
Zim boycotts new KP talks
Africa diamond producers blast KP
Kurotwi freed on technicality
Diamond execs deny fraud
Chiadzwa swindle 6 in court
Zim defiant after KP stalemate
KP maintains Zim diamond embargo
6 held over $2bn Marange fraud
AAG says KP future at stake
Australia, US pose KP roadblock
Diamond exports to resume: Mpofu
AAG joins Marange fray in Israel
'Nasty fight' expected over Marange
Mpofu claims new diamond discoveries
Miners to sell 10pc diamonds locally
Second diamond auction held
Diamond sales secrecy declared
Court strips ACR of Marange claim
Zim to polish, cut own diamonds
Indian buyers bought 83pc auction diamonds
Mpofu dismisses US group's Marange ban
Diamond auction raised $72 million
Diamond geezers arrive for auction

ZIMBABWE'S diamond output from its Marange fields will reach 40 million carats in the next three years, with annual revenues expected at around $2 billion, a government adviser said on Tuesday.

The government says it has stockpiled 4.5 million carats from its two joint venture mines in Marange since January and that it sold its first stones last month after approval from global diamond industry regulator, the Kimberley Process (KP).

"With the new diamond find in Chiadzwa (Marange), we're estimated at 40 million carats per year and $2 billion per year in revenue," said Belgian diamond expert Filip van Loere in an interview. He is advising the government on ensuring compliance with the KP.

"Zimbabwe has been propelled to the number one spot as the world's most important player and it will be number three in value. That is estimated to come along within the next two to three years."

Zimbabwe's unity government, formed by President Robert Mugabe and Morgan Tsvangirai, now prime minister, says it needs $10 billion to fix an economy ravaged by hyperinflation, which peaked at 500 billion percent in December 2008.

Van Loere said Zimbabwe could surpass top diamond producers like Russia, Botswana and South Africa, but said a sudden increase in output on the global market could force prices down.

"The main issue for Zimbabwe is to be careful in harvesting this resource. Zimbabwe might add 20 percent to global trade, but then prices will go down at least 60-70 percent, so we have to be responsible, Zimbabwe should not become the main producer just for the sake of it," van Loere said.

Zimbabwe's government has formed two joint venture firms -- Mbada Diamonds and Canadile Miners -- with South African partners to mine the Marange diamonds, but van Loere said there was scope for more mines in the vast fields.

On Tuesday, Canadile Miners launched the construction of a $20 million diamond processing and auction centre to the west of the capital Harare.

"Currently, the two mines occupy 10 percent of the total area. We need two or three more firms in the area," said van Loere.

Over 30,000 illegal diggers descended on the Marange fields in 2006, prompting the government to deploy the army to stop rampant panning and smuggling.

Rights groups, however, accuse the security forces of committing atrocities during the crackdown on the panners. - Reuters



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker