Zimbabwe Losing $1.2 billion A Month to Illegal Diamond Dealing

Instead of being an instrument of change for the country, Zimbabwe is losing diamond revenues to illegal trading, said Dr Gideon Gono, governor of the Zimbabwe Reserve Bank. He estimates the loss at $1.2 billion a month.

“A reliable estimate shows that US$1.2 billion per month would be realized from diamond sales in the country, enough to solve the economic challenges the country is currently facing,” Gono is quoted by The Zimbabwe Guardian.

According to Gono, more than 500 syndicates operate in a region where diamonds were discovered in the last four years. The country is blaming smuggling of goods unearthed by artisanal miners, commonly referred to as ‘diggers’.

Income from gold has also dropped significantly in the country, which is suffering from the worst inflation anywhere in the world today.