GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

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Platinum’s rare nature gives it additional value and appeal

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13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

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30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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23 august 2021

Zim diamond firm raps US sanctions

26 march 2012

Mbada Diamonds, which mines gems in Marange in partnership with the state-run Zimbabwe Mining Development Corporation (ZMDC) says sanctions imposed by the United States shows that the global power house had problems with “an African-owned company”.
The US slapped Mbada Diamonds with sanctions last December for going into a joint venture with ZMDC, which was also placed under sanctions some years back after being named among organisations allegedly financing rights abuses by President Robert Mugabe and his Zanu PF party.
The company said in a statement that the sanctions would adversely affect some 100,000 people participating directly or indirectly in the diamond industry through entrepreneurship, employment and service provision.
"Mbada Diamonds cannot ignore the fact the US, the biggest global consumer of cut and polished diamonds, has selectively sanctioned the biggest mining revenue generating entity in Zimbabwe..." it said.
Mbada said there was no justification for placing it under sanctions, adding that the US ignored the work it had done in helping to ensure operations in Marange comply with guidelines set by the Kimberly Process.
"Without giving due process, armed only with rumours and bad intelligence, the US applied sanctions on Mbada,” it said.
Finance Minister Tendai Biti said late last year that diamond revenues from Marange were expected to contribute $600 million to his underfunded $4 billion national budget this year.
He said Zimbabwe should be allowed to freely sell its diamonds as sanctions would encourage illicit trade.

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