Zimbabwe’s cabinet has approved a diamond policy, which seeks to regulate the mining of the precious stones while promoting transparency and accountability.
“The policy will facilitate optimisation of exploitation of diamonds throughout the value chain, security and accountability of diamonds to ensure full realisation of the potential of the diamond industry,” Mines minister Obert Mpofu was quoted by The Daily News as saying.
He said that the new legislation would, however, not guarantee full disclosure on its diamond operations as a means to beat economic sanctions, adding that the restrictive measures were hindering fair access to international markets.
“In that regard we note with concern the imposition of sanctions on our diamonds hampering fair trade,” he said.
“As you are aware Zimbabwe is under illegal sanctions and the same countries that gave us sanctions are clamouring for transparency (and) to us the plot is very clear that they want to know our sanction-busting strategies which they can then succeed in plugging.”
Mpofu said the concept of transparency implied full accurate and timely disclosure of information while public accountability referred to being answerable to the relevant stakeholders.
“We cannot speak of full disclosure of critical information (when there is) selective demand for transparency and accountability with the focus on the booming sector which has in a short space of time transformed the economy,” he said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
