Sunday, April 1, 2012

Anjin's $20M Diamond Deal blocked by US

Marange based Anjin Investments lost out on a $20 million business deal with a European firm last month when the United States froze a Belgium based firm's bank account to prevent the deal from occurring.

According to The Herald, Anjn's secretary Charles Tanumbwa said that Anjin had not yet released the diamonds as they were waiting for the money to be transferred prior to the deal. "But the freezing of the money has an adverse effect on us because good and well paying diamond buyers are in Europe, so they become very hesitant to buy our gems in the wake of the freezing of the monies," Tarumbwa said.

The U.S. and EU imposed sanctions on Zimbabwe as a result of the country's land reform program. The trade embargos were extend to include those companies mining diamonds in the Marange fields.

Tarumbwa noted that Anjin's production had sumped from 10,000 to 3,000 carats a day as a result of a shift to underground mining which requires heavy earth moving equipment and more time consuming mining methods.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.