Business / International

UK strikes deal for Marange diamonds to return to the EU markets

by Staff Reporter
17 Feb 2013 at 18:24hrs | 3082 Views
Reports from Brussels, Belgium suggest that the United Kingdom has struck a deal with Belgium on the need for Marange diamonds to return to the European Union markets.

According to the reports, Belgian Foreign Minister Didier Reynders and Britain's William Hague clinched the deal on the 14th of February and there are expectations that other EU countries will follow suit when the grouping convene on Monday in Brussels for a meeting on foreign policy.

The compromise is set to see the country's mining arm Zimbabwe Mining Development Corporation (ZMDC) being struck off from the EU blacklist.

Belgium had earlier expressed its displeasure with the existence of the sanctions on diamond mining firms which had a negative impact on the EU member country's diamond industry.

Due to the unjustified EU sanctions, Zimbabwe was forced to sell its diamonds at a discount, thereby losing millions of dollars in potential revenue.

However, it appears the EU might retain other sanctions on Zimbabwe when the bloc sets to review them.

Zimbabwe has always contended that the sanctions are illegal and unjustified.

Source - zbc
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