Cameroon will soon begin exporting its first ever rough diamonds under a scheme that seeks to prevent “blood diamonds” from circulating in the global mainstream market.

Cameroon launched the official exportation of the precious stones under the Kimberley Process Certification Scheme (KPCS) Wednesday.

The country’s first "legal" rough diamond export will fetch about FCFA 72 million ($146, 666).

The pioneer diamond mining certificate was accorded to a joint venture between South Korea and Cameroon, C&K Mining which is exploiting deposits at Mobilong in east Cameroon.

"Exporting diamond under the Kimberly Process means better traceability and internal control of diamond circulation,” said Emmanuel Bonde the minister of Mines, Industry and Technology.

"This should lead to better prices, poverty reduction and the amelioration of Cameroon’s performance in the ‘Doing Business Report’.”

With each export, the nation will benefit eight per cent in taxes levied according to the estimated value of the stones. A further two per cent tax will be levied on the exports.

Also, a “Kimberly Charge” of 2.5 per cent will be used to fund the activities of the permanent secretariat of the Kimberly Process in Cameroon.

Experts say Cameroon has a vast diamond potential especially as it lies between the Central African Republic and the Republic of Congo, two big diamond-producing countries.

Jean Kisito Mvogo who is the permanent national secretary of the Kimberley Process in Cameroon says, a recent study suggests that an estimated 3 to 5 million carats of alluvial diamond are mined through artisanal means in Cameroon every year.

But knowledge of the conglomerate potential, which could far exceed the estimate, is still to be known, he adds. Mr Mvogo believes it is likely that diamond deposits will be found in several other regions of the country where studies are still to be carried. Cameroon became a member of the KPCS on August 14 last year.

The scheme, set up by a United Nations General Assembly Resolution in 2003, aims at ensuring that diamond purchases were not bankrolling violence by rebel movements and their allies seeking to topple legitimate governments.

But its effectiveness has been brought to question by organizations like Global Witness which pulled out of it in two years ago claiming it had failed in its objectives.

In March last year, when Cameroon had still not attained the status of a participant in the monitoring organization, certificates supposedly issued by the country appeared in the world diamond market. But Mr Mvogo insists it is extremely difficult for the certificates to be forged.