INTERVIEW-UPDATE 1-Zimbabwe's Marange gem output to rise

Tue Aug 31, 2010 3:51pm GMT

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* Zimbabwe set to become leading producer

* $2 bn annual revenues forecast

* Work begins at $20 million diamond processing facility

By Nelson Banya

MOUNT HAMPDEN, Zimbabwe, Aug 31 (Reuters) - Zimbabwe's diamond output from its Marange fields will reach 40 million carats in the next three years, with annual revenues expected at around $2 billion, a government adviser said on Tuesday.

The government says it has stockpiled 4.5 million carats from its two joint venture mines in Marange since January and that it sold its first stones last month after approval from global diamond industry regulator, the Kimberley Process (KP).

"With the new diamond find in Chiadzwa (Marange), we're estimated at 40 million carats per year and $2 billion per year in revenue," said Belgian diamond expert Filip van Loere in an interview. He is advising the government on ensuring compliance with the KP.

"Zimbabwe has been propelled to the number one spot as the world's most important player and it will be number three in value. That is estimated to come along within the next two to three years." Continued...

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