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It's our responsibility to capture the imagination of future generations towards diamonds

As CEO of Beverly Hills-based Grand Metropolitan - a privately-held luxury goods holding company with a 130-brand portfolio - Vin Lee carries the burden rather lightly on his shoulders. Having migrated from Canada as a baby, it did not take long for...

Today

‘Non-diamond producing countries shouldn’t lead KP’

Non-diamond producing countries should not lead the Kimberley Process (KP) as was the case last year with the United Arab Emirates (UAE), according to the African Diamond Council and African Diamond Producers Association chairperson...

04 december 2017

Jewellers’ Guild of Russia sees its mission in creating highly developed national jewellery market

In recent years, the Jewellers’ Guild of Russia has noticeably stepped up its activities. Eduard Utkin, General Manager of this Association told Rough & Polished about what is happening in the country’s jewellery sector, the tasks facing the community...

27 november 2017

Any color diamond is a great investment

Bruno Scarselli belongs to the 3rd generation of the Scarselli family, which has for the last half-century been producing and selling some of the world’s highest quality yellow, blue and pink diamonds available on the market. Bruno heads the company...

20 november 2017

It’s crucial everybody feels confident that their suppliers use the System of Warranties - Stephane Fischler

The System of Warranties (SoW) in the diamond industry dates back to 2002, when the World Diamond Council (WDC) in team with the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association...

13 november 2017

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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