More support for Zim diamond exports

Process and any future decision to allow Zimbabwe to resume diamond exports from Marange.
In May this year, the federation’s president,Mr Avi Paz, said the deadlock in the KP decision-making process and its experts’ indecision over whether or not it should allow Zimbabwe to resume rough diamond exports, could cause “irreparable damage” throughout the diamond supply chain and trade.

Zimbabwe has the potential to supply an estimated 20 percent of diamonds traded on the international market, which makes its suspension worrisome.
But the global diamond trade federation has expressed confidence that participants at the KP meeting, scheduled for next week in Kinshasa, Democratic Republic of Congo, would remove barriers preventing the export of unprocessed diamonds from the Marange deposits.

But Mr Paz said the WFDB would also want the Zimbabwe Government to “step up to the plate”.
“The Zimbabwean authorities will have their work cut out to meet and uphold the criteria to enable the country to export its diamonds and benefit from the resource it so desperately needs,” he said.

“Surely, the world at large will scrutinise Zimbabwe carefully, as its leadership will need to ensure that its mineral resources will lead to genuine sustainable development and increased prosperity for its people.”
In the past few weeks, Mr Paz has been encouraged by the constructive comments from KP chairperson Mr Mathieu Yamba, KP members and participants, as well as the World Diamond Council’s president, Mr Eli

Izhakoff’s view that the Zimbabwe issue was mostly a procedural matter.
In May, Mr Izhakoff said the matter was procedural and that stakeholders have a similar aim, but different opinions and the issue for KP was how to synchronise these differences on the export of Marange diamonds.

Mr Paz said that until a formal announcement was made, all members of the WFDB would continue to follow the KP and WFDB’s directives not to trade in diamonds from Marange, or any place not approved by the KP.

The KP has been deeply divided over whether it should allow Zimbabwe to resume exports from Marange. Zimbabwe argues it has long fulfilled the requirements of the KP and should be allowed to export.
KP monitor for Zimbabwe Mr Abbey Chikane said Zimbabwe had met minimum standards set by the regulator for international trade in rough diamonds.

Zimbabwe has been conducting limited supervised diamond auctions, but remains burdened by financial constraints, which could be reduced if it exported.
Treasury has projected a budget deficit of more than US$150 million.