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Article: Dirty dealings. (smuggling of diamonds out of Africa)(African Oil and Minerals)(Cover Story)
- Article from:
- African Business
- Article date:
- June 1, 1996
- Author:
CopyrightCOPYRIGHT 1996 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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That diamonds are smuggled out of Africa is no secret. What is less known is the sheer magnitude of the fraud. Francois Misser investigates some curious facts and figures.
The Antwerp diamond market handles 80% of the world's rough, and. 50% of cut diamonds each year. The market has its own unique code of conduct and while the bourses are ruled with an iron rod, no questions are asked about how the diamonds that find their way into the market were acquired. However, The Diamond High Council (DHC), based in the city keeps meticulous records of all transactions including the origin of the gems.
So when you want to gauge the extent of diamond smuggling from any ...
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