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Lucapa to become a niche diamond company, says Wetherall

Lucapa Diamond believes that it will become the only company in the world with multiple diamond mining operations whose average diamond value is in excess of $1,000 per carat, once the Mothae mine is commissioned this year. Company chief executive and...

19 february 2018

Zimnisky: Diamonds lack fungibility to be a major investment product

Physical diamonds will never be a viable widespread investment product simply because they inherently lack fungibility, meaning they are all unique, according to Paul Zimnisky, an independent diamond industry analyst and consultant, who is based in New...

12 february 2018

Julien-Vincent Brunie: "Being surrounded by beauty and art is a privilege!"

This last December, shortly before Christmas, the Auction House of Christie's arranged a private display of jewelry in Moscow. The correspondent of Rough & Polished, who had an opportunity to visit this event, was able to admire a luxurious collection...

05 february 2018

Ali Pastorini: We would like meeting Mujeres Brillantes 2018 to be held in Russia

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 500 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

29 january 2018

Diamond Exchanges promote healthy development of the diamond industry, besides safe and basic infrastructures for diamond trade

Prior to joining the Guangzhou Diamond Exchange, Liang Weizhang served as a civil servant of Guangdong Entry-Exit Inspection & Quarantine Bureau as the director of the Kimberley Process Office. He participated in the KP Review missions to South Africa...

22 january 2018

Zimbabwe engages Botswana to evaluate stockpiled Marange diamonds

12 october 2017
Zimbabwe said it is stockpiling diamonds mined in Marange as their evaluation system had been “compromised” and it will enlist the help of Botswana to evaluate the stones.
Mines minister Walter Chidhakwa could not explain what he meant by “compromised” when he addressed parliament.
Newsday quoted the minister as saying that the Zimbabwe Consolidated Diamond Company (ZCDC) had stockpiled 1,3 million carats over the last few months.
“We are already higher than last year, when most of the court cases were there. We just have not been selling,” Chidhakwa said.
“We have been mining and cleaning. The reason we have not been selling is because our systems for evaluation had been compromised.
“We have had to ask the Tswanas to come and they are coming in next week to assist us with the valuation of those diamonds and after that, we will now have a new system.”
Meanwhile, the Zimbabwean government said that teams of auditors tasked to trace the whereabouts of $13 billion diamond proceeds are finding it difficult to get relevant information to facilitate the investigations.
President Robert Mugabe said last year that the treasury only received $2 billion since 2006 from the $15 billion realised from diamond mining in Marange.
Harare then engaged private audit firms to conduct the investigations after Auditor-General Mildred Chiri’s Office recused itself, citing lack of resources.
“There have been three teams (of auditors) from three companies that we appointed and, as a result, they have been working and the last report that we got was that they were having difficulties with accessing information,” Chidakwa said.
“The contracted companies would not have unfettered access to information that was required because the companies, which they wanted to do forensic audits on were in fact before the courts.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

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