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Zimbabwe Admits: We “Lost” $140 Million of Rough Diamonds

The diamonds were looted due to “serious loopholes” in stocking
rough diamonds diamcor Africa
Credit: Diamcor Mining

350,000 carats of rough diamonds worth an estimated $140 million, which were stored at repositories belonging to Minerals Marketing Corporation of Zimbabwe (MMCZ) and Zimbabwe Consolidated Diamond Company (ZCDC), have gone AWOL, IDEX Online reports.

 

open diamond mine Zimbabwe
Credit: fivepointsix / shutterstock.com

 

According to the report, the government of Zimbabwe has admitted to the loss of the rough. In a report, Zimbabwe’s Auditor-General Mildred Chiri said “serious loopholes in diamond stock reconciliation provided opportunities for looting”. The ZCDC promised to engage a diamond stock controller to prevent future “leakages”.

 

Zimbabwe map
Credit: Marcio Jose Bastos Silva

 

Chiri said in the report: “Sometimes laxity in systems can be created to enable corrupt or fraud behaviour to thrive”, and added that “some of the diamonds had been sold to dealers who smuggled them out of Zimbabwe for foreign currency”.



Tags: Diamonds News, Diamond Industry News, Zimbabwe News

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