Zimbabwe: 'Diamond Marketer Colluded On Prices'

(The Herald) - Zimbabwe might have lost substantial potential revenue from diamonds as it emerged Belgian registered firm, First Element, contracted to clean and sort the gems, allegedly picked buyers for local auctions in a dodgy scheme crafted to facilitate collusion. A Parliamentary Portfolio Committee on Mines and Energy's report on consolidation of diamond mining firms also says Zimbabwe might have lost huge potential revenue due to lack of value addition and understanding of the diamond industry. Part of the reason was that the marketers of diamonds, especially from Marange, did not understand the diamonds' footprint and only after feedback from the market, it became apparent they sold some unique gems with fancy colors for a song. Negligible revenue and lack of transparency in the sector caused Government to combine the diamond mining companies into Zimbabwe Consolidated Diamond Company.