admindiamond trading on international markets, the US State Department said.
International media quoted US State Department spokesperson Ms Victoria Nuland as saying the US abstained from Tuesday’s voting to avoid a deadlock among Kimberly Process member states.
The US, Canada and the European Union dropped their objections and agreed to allow Zimbabwe to sell diamonds from the Marange diamond fields.
“We think this compromise might have been stronger and that is why we abstained,” Ms Nuland said, when the US eased its stance after prolonged objection.
“So we judge that rather than having the entire Kimberley process deadlocked over Zimbabwe we would abstain, we would let this go forward,” she said.
Ms Nuland said the US abstained from last Tuesday’s vote, but would not block the measure to allow exports, which includes provisions for oversight and reporting by the civil society groups.
Under the agreement the Kimberley Process, which regulates trade in international diamonds to ensure diamonds do not fund conflicts, will send monitors to Zimbabwe in the next two weeks to assess and certify the gems.
An impasse on Zimbabwe would cause distortions on global markets, as Zimbabwe is a major exporter with potential to constitute about 20 percent of diamonds traded on international markets.
At current production capacities of companies extracting the gem in Marange Zimbabwe could rake in excess of US$2 billion from diamond revenues.
This would significantly boost its depleted revenue streams that will see Finance Minister Tendai Biti announcing a US$3,3 billion budget this month.
The World Diamond Council said the green light for Zimbabwe to trade its diamonds came after verification by a Kimberley Process monitoring team after meeting in DRC this week.
The Kimberly Process is an international government certification scheme set up in 2003 to prevent the trade in diamonds that fund conflicts.
Human rights groups claimed there were abuses in Zimbabwe against illegal miners, that smuggling was rife and that certain mines in Marange remained in the hands of Zimbabwe’s military forces.
But monitoring teams sent by KP to assess the level of compliance concluded the country had met minimum regulatory standards on the numerous review missions they conducted on Zimbabwe.
Last year, Zimbabwe was allowed by the Kimberley Process to sell a small amount of diamonds, but the US, Canada and EU did not agree to the decision.
The US also reportedly dropped its objections to the sale of Marange diamonds in return for support from African members on its bid to chair the KP next year.
The permission to trade its diamonds on the international markets provides Zimbabwe with more latitude to invest in capital projects.
Zimbabwe has over the last few years failed to undertake major capital projects such as road, dam and piped water infrastructure as most of its revenue was used for consumptive expenditure.
Online Reporter