Sunday, August 21, 2011

India Approves Imports of Zimbabwe Diamonds

India's Ministry of Commerce has cleared for import a shipment of rough diamonds from Zimbabwe valued at over $153 million, the Times of India reports.

The diamonds, mined in the Marange fields in 2010, were purchased by Surat diamond dealers at auction in November 2010, and shipped to Dubai, where they were held up for export following a decision by the Kimberley Process to reinstate the embargo against any trade in diamonds from Zimbabwe.

The UAE released the shipment of diamonds on June 29 with the approval of the KP's Working Group on Monitoring. When the diamonds reached India, they were again held up pending final approval from the government.

Chandrakant Sanghavi, regional chairman of the Gems and Jewellery Export Promotion Council (GJEPC), told the Times that with the final release of the diamonds, as many as 13 Surat diamantaires had received parcels of rough product. The influx of rough diamonds is expected to ease the pressure faced by the local diamond industry in light of spiraling rough prices.

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