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Kimberly may not ban Zimbabwe diamonds
Published on: November 06, 2009 at 03:25
HARARE (Commodity Online): Zimbabwe again hogged the limelight at the Windhoek, Namibia, meeting of the Kimberly Process for all wrong reasons this week. The Kimberly Process is considering a ban on the international sale of the country’s diamonds over alleged human rights and other abuses in the Marange field.

Most African diamond producing countries including South Africa, Angola, Tanzania and Namibia were expressing opposition to Zimbabwe’s suspension from the Kimberly Process, whereas Western members supported the imposition of a ban over alleged military killings in eastern Manicaland province.

Observers said that because there is an emphasis within the Kimberly Process on consensus, the organization does not now seem very likely to suspend Zimbabwe.

Zimbabwean mines minister Obert Mpofu presented Zimbabwe’s plans for the Marange field, telling the Kimberly Process plenary session that the Harare government has done all it could to abide by Kimberly rules and recommendations in Marange. Critics of the government say it has done little and the military remains in charge in the area.

Mpofu earlier told the meeting the Marange or Chiadzwa field as it is sometimes called is under government control. He said the army would not be removed until private companies provide tight security to prevent unauthorized mining. He said this would happen gradually.

Activists allege that the army is determined to maintain control of the diamond field because millions of dollars worth of diamonds are being extracted and illegally exported.
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In India, gold is considered as one of the prestigious instruments of investment among the household consumers. Small household units are now becoming potential investors for gold from the key consumers. The demand for consumption purpose is no longer the main driver of demand for the yellow metal, but the systematic investments in retail gold investment options is the latest crush among the small investors in the country.
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