Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

Shabangu: Stop sanctions on Zim diamonds

13 November 2012, 11:10

Vic Falls - South Africa and Namibia on Monday for an end to sanctions on Zimbabwean diamonds imposed after human rights groups said hundreds of diggers were killed by the police and army, and sale proceeds were being channelled to the military.

Speaking at the inaugural Zimbabwe diamond conference on Monday, Mines Minister Susan Shabangu said South Africa is committed to lifting the economic sanctions imposed on Zimbabwe.

Namibian Mines Minister Isak Katali also called at the conference for an end to sanctions on the Zimbabwe gem trade.

“The discovery of diamonds in Zimbabwe has been a thorn in the flesh to those that have issues with Zimbabwe to exercise its sovereignty over its minerals and other natural wealth,” Katali said.

“They tried to block the export of diamonds and vilify this country and its diamond sector.”

Meanwhile former president Thabo Mbeki said Zimbabwean natural resources should benefit locals and not a group of elites.

In his address at the Zimbabwe Diamond Conference on Monday, where he was the guest speaker, Mbeki said the country’s political leadership have to ensure that the benefits cascade to the masses.

“All the parties in the global political agreement must absolutely ensure that the diamond mining industry is not governed by a predatory elite which uses its access to state power to enrich itself, against the interests of the people as a whole, acting in collusion with the mining companies,” he said.

Zimbabwe’s mines minister told the same conference that at least US$30m is trapped by international institutions under the anti-Marange diamond campaign.

As a result, the country’s mines minister said, there is no need for full disclosure in Zimbabwe’s ongoing mining transparency initiative.
 
“How can you be transparent when there are hyenas chasing after you? They want to know who is buying your diamonds, which country they are coming from, which bank they are using and which flight they are on.”

Chaim Even-Zohar, president of Tel Aviv-based diamond consulting service Tacy Limited, told the conference Zimbabwe is earning 75% of potential diamond value due to economic sanctions as it cannot get the best market prices.

Zohar added Zimbabwe has potential to produce 8 to 10% of global production but is hamstrung by restrictions, which has seen it selling the gems at a discount. 

- Finance24

NEXT ON NEWS24 KENYAX

Read News24’s Comments Policy

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
Eugene Odanga
Was Vera Sidika pregnant?

Was Vera Sidika pregnant? Photos purporting to show so have been released. Read more...

Submitted by
William Korir
Khalwale claims favouritism in go...

Kakamega Senator Bonny Khalwale has criticized what he says is the Jubilee government's favouritism in development spending, saying they have focused on central and Rift Valley. Read more...

Submitted by
Arap Yego
Twelve TB patients get six months...

Twelve patients suffering from Tuberculosis (TB) have been sentenced to six months in prison by a Bungoma court for failing to take their medication as prescribed by health workers. Read more...

Submitted by
Eugana Odanga
Local rock band loses founding me...

The Kenyan rock scene is in mourning after the death of one of its leading lights in a motorcycle accident. Read more...

Submitted by
William Korir
CORD replaces Maitha as minority ...

The CORD coalition has officially replaced Gideon Maitha Mungaro as the opposition's minority chief whip in the national assembly.  Read more...

Submitted by
Nechesa Chemoi
Jamii Bora, Postbank enter partne...

Jamii Bora Bank Limited (JBBL) and Postbank have launched an agency banking relationship to enable the former to reach more customers across the country. Read more...