Zimbabwe minister admits smuggling is rife barely a week after diamond export ban is lifted
Mining Review reports the decision last week to allow Zimbabwe to resume diamond exports from the controversial Chiadzwa and Marange alluvial fields is being questioned, after the country's mines minister admitted on Thursday that smuggling was still rife. The comments are in stark contrast to his previous insistence that the country's diamond industry was meeting international trade standards.
Zimbabwe is set to earn over $2 billion per year from exports with current diamond output estimated to be in excess of 25% of world production. Rough diamond prices have dropped by more than 10% over the last two months and is set to fall further as the first Marange diamonds come onto the market by the end of this month.