December 17, 2017

Anjin diamond in Zimbabwe losses US$ 300m due to European sanctions

The sanctions introduced in the European market have endangered the diamond industry in Zimbabwe as it has led to a major loss.

Diamond miner, Anjin, has confirmed that it has so far since 2010 experienced a US$ 300m loss due to the sanctions which deterred it from accessing the European markets.

Anjin Investments managing director, Rtd Brig-Gen Munyaradzi Machacha confirmed the reports and said that his company is not pleased with the European Union market because if it were not for the suspension induced then they would have made so much profit as a company and that would go hand in hand with the country’s economy.

However, the EU recently made an announcement on the partial removal of the 12 year economic sanctions on the Government of Zimbabwe and this definitely comes as a relief to the industry.

Anjin is one of the companies that mine alluvial diamonds in Chiadzwa.

The European Union had given a 12 year suspension of direct financial aid to the government of Zimbabwe, imposed after allegations of rights abuses by President Robert Mugabe’s administration. The country has recently last month announced intention to auction diamonds locally.

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