Zimbabwe: Missing U.S.$15 Billion Diamonds Story a Fiction

opinion

In 2006, former Botswana president Festus Mogae said: "For our people, every diamond purchase represents food on the table, better living conditions, better healthcare, safe drinking water, more roads to connect our remote communities and much more." Indeed diamonds have transformed the Botswana economy, raising it through all obstacles to become an upper mid-tier economy as it grew an average 7% annually since the discovery of diamonds.

So much has been said about the secrecy of the country's diamond sector in Zimbabwe. Finance ministers and a Reserve Bank of Zimbabwe (RBZ) governor have expressed concern. However, the biggest story of the diamond sector is the statement by the then president Robert Mugabe that government could have earned more than US$15 billion from the diamond mines. He also said he did not think that government received more than US$2 billion. Zimbabweans keenly await the results of the forensic audit which government has ordered on seven diamond companies. The diamond sector is a very young industry with just over six years life of mining.

...

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.