Friday, August 19, 2022

Diamonds worth 140 Million dollars disappeared in Zimbabwe


Robert Frank
Robert started his career as a freelance content writer. Now, He is the founder of widely-recognized PR Agency. Robert still writes news pieces on various publications.

Large quantities of diamonds have disappeared from the warehouses of the Zimbabwe Mineral Marketing Company and the Zimbabwe Consolidated Diamond Company. The weight of the missing diamonds is 350,000 carats, with a value of up to 140 million US dollars.

According to a recent report by the Auditor General of Zimbabwe, Sherry Mildred, neither of the two institutions disclosed the reasons for the disappearance of this quantity of diamonds, which were kept in supposedly fortified vaults.

The investigations of the General Auditor revealed major loopholes in the processes of settling the diamond stock, which may allow the stock to be looted without supervision, and the investigations revealed that some diamonds were sold to local customers in Zimbabwean dollars before being smuggled outside the country in hard currency, pointing out that no disclosure of the identity of these clients even to the auditor general itself.

The report of the Auditor General of Zimbabwe indicated that a large number of diamonds disappeared from the vaults of the Zimbabwe Minerals Marketing Company during the closing inventories in 2018 and 2019.

Commenting on the results of the report, the Zimbabwe Consolidated Diamond Company revealed its intention to appoint an inventory controller to prevent the recurrence of such cases in the future.

It is worth noting that with the lack of transparency in the diamond sector, which generates billions of dollars annually, the Zimbabwean government worked to merge the diamond mining activities in Chiadzwa and Chimanimani in 2016, which resulted in the collapse of all local companies and their merger into one company, “Zimbabwe Consolidated Diamonds” However, this did not make a significant difference in reducing the looting operations that often involve high-ranking government officials and influential people.

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