Sunday, April 08, 2007

Zimbabwe Smuggling Estimated at $400M for Nine Months

Zimbabwe has lost at least $400 million in the past nine months through looting of diamonds and smuggling of the precious stones, national newspaper The Herald reported April 5, 2007.

The Reserve Bank of Zimbabwe's governor Gideon Gono told the newspaper the nation needs a robust system for mining and marketing diamonds to guarantee maximum benefits for the people of Zimbabwe.

Only a few benefit from diamond riches at present as backroom deals continue to be the norm despite governmental regulations Gono said.

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