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ZCDC: No missing 10 000 ct of diamonds, they were sold ‘above board’

05 november 2019

The Zimbabwe Consolidated Diamond Company (ZCDC) has allayed claims that 10 000 carats of diamonds were stolen from the State-owned firm in 2016, according to a local weekly.
It said an internal probe conducted by the new management showed that the stones were sold in a transaction “that was above board”.
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              Image credit: ZCDC

“Inquiries made with the finance and marketing personnel indicate that two batches of approximately 10 000 carats were sold to Harvest Way Enterprises Limited in 2016 and these were all paid for,” reads an internal audit memo seen by The Sunday Mail.
“Diamonds were then sold to Harvest Way at reduced prices; that is, royalties of 15 percent and the MMCZ commission of 0,875 percent were exempted.”
Meanwhile, ZCDC said it remains compliant with the Kimberly Process and continues to invest in its security system.
It dismissed reports of forced labour within its operations. 
“Not only is this in conflict with stated corporate governance rules and values, but it is also against the laws of the country,” said ZCDC.
“…the recruitment practices are stringent and abide with best professional standards that compare to any diamond operation around the world.”
ZCDC is targeting an output of 3 million carats this year.

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