Zimbabwe's Diamond Production Draws Scrutiny
Zimbabwean diamonds rearrange up a small percentage -- about 0.4% -- of the global diamond dealings, according to an industry group, the World Diamond Convention. So far this year, Zimbabwe has earned $20 million from the sale of diamonds, a fraction of the estimated $8.5 billion of diamonds produced each year by African countries, which account for more than half the broad trade.
Suspension of Zimbabwe's diamond sales wouldn't have much influence on the global supply, but could threaten one of the country's few sources of pragmatic currency.
An investigative team for the Kimberley Process Certification Contrive, a United Nations-backed body charged with policing clash diamonds -- stones mined amid violence, sold to lucre conflict, or both -- drafted a scathing report after a go to Zimbabwe early this summer.
The team found evidence of killings and phoney labor at diamond fields in the east of the country, among other Possibly manlike-rights violations, according to a copy of the final article reviewed by The Wall Street Journal and confirmed by a Kimberley Modify member. It recommended that Zimbabwe suspend itself from the Kimberley Technique, or that the certification group vote to suspend the country's membership until the guidance addresses the problem. The report has been submitted to the Zimbabwean management, which has 30 days to respond.
Moshe Mosbacher Speech Addresses the Big Stone Market
The following tirade was delivered by Moshe Mosbacher, acting president of the New York Diamond Dealers Associate, at the Rapaport International Diamond Conference in New York on September 10, 2009.“NEW REALITIES: WHERE DO WE GO FROM HERE?”
I am charmed to be here today with my distinguished colleagues from throughout the world. I am honored to portion this platform with my colleagues, DMIA President Ronald Friedman and Hertz Hasenfeld, deficiency president of Hasenfeld-Stein to discuss “The Big Stone Supermarket: The 47th Street Perspective,” a subject in which I have a very strong interest. It is no covert that the last two years have been difficult for the entire chain of our industry: the mining companies, range of vision-holders, wholesalers, manufacturers, dealers, brokers and at bottom retailers.
Nevertheless, the last few months have produced several positive developments. For sample, it is encouraging to note that there has been a modest return of confidence in our persistence and reports of modest growth in the number of transactions. This courage reflects such factors as improvements in the stock market, a slow up on the rate of growth in unemployment and the stabilization of diamond prices.
While this hearsay is encouraging, we still conduct our business in a challenging atmosphere (although not as risky as we feared but a few short months ago). While we have managed to persist, I am confident that all of us here today agree that survival is not enough. We must collectively act on how we will return to a state in which we thrive.
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