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Zimbabwe, Botswana set to sign diamond deal – report

19th February 2018

By: News24Wire

  

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GABORONE – Zimbabwe is reportedly set to sign a diamond processing deal with Botswana within the next three months, after President Emmerson Mnangagwa met with his counterpart, President Ian Khama, this week in Gaborone.

According to the state-owned Herald newspaper, Mnangagwa was in Botswana on a state visit.

Mnangagwa toured the world renowned Diamond Trading Company (DTC) that would assist Zimbabwe in polishing, cutting and valuing its diamond.

The DTC is regarded as the world's most sophisticated diamond sorting and valuing hub. Its arrangement with Zimbabwe would likely see the southern African nation sending its vast diamond to Botswana for processing, cleaning and polishing before being sold.

The move would see the country's diamond make better returns than their current price of $50 per carat, the report said.

Zimbabwe lost more than $15-billionn in diamond revenue over a ten-year period.

In February 2016, ex-president Robert Mugabe made headlines after revealed that diamonds worth billions of dollars were looted in the eastern mining area of Marange.

Mugabe said at the time that the state treasury received less than $2-billion.

Mugabe's revelation prompted the country's opposition parties to call for a thorough investigation into the disappearance of the diamonds.

Movement for Democratic Change spokesperson Obert Gutu said at the time that the disappearance of the diamonds was "very astounding and startling".

Edited by News24Wire

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