The World Bank said Zimbabwe’s state-owned mining firm ZMDC is in possession of huge diamond stockpiles, which could be worth as much $5 billion.
It said in a report seen by Fin24 that the stockpiles were accumulated prior to the Kimberley Process certification in November last year.
The World Bank said the quality of the diamonds was low and averaged about 25 percent of the value per carat.
Zimbabwe’s diamond output was expected to reach a peak of 12 million carats in the next few years.
However, an investment of $150 million could increase production to 15.2 million carats per year by 2018.
The World Bank also said reports of new discoveries in Marange could have implications for the current production and the length of life of gems in the area.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
