Zimbabwe's cabinet has approved the immediate sale of diamonds mined in Chiadzwa in a move set to fast-track economic turnaround.

According to All Africa, Mines and Mining Development Minister Obert Mpofu confirmed the development.

The decision followed his presentation of a report to cabinet on last week's Kimberley Process meeting in Tel Aviv, Israel. He said the report had been well-received by Cabinet, adding it was clear from the meeting that Harare's cabinet "agrees with the immediate sale of our diamonds."

According to assessments, Zimbabwe has harvested and stockpiled over four million carats of diamonds from the Chiadzwa fields, worth about $1.7 billion.

Nevertheless, Mpofu added that the government needs to "come up with a mechanism of proceeding with this process. The mechanism will be transparent and accountable."

The Kimberley Process Joint Work Plan was clear that Zimbabwe could trade in its diamonds once it met minimum KP requirements, which it has since done, he stressed.

According to the report, Zimbabwe would sell diamonds through the Minerals Marketing Corporation of Zimbabwe as the KPCS-designated exporting authority.

Minister Mpofu said the KP chair, Israel, had given Zimbabwe the green light to export its diamonds: "After hostile nations like the United States, Canada, Australia and civil society failed get support at the Tel Aviv meeting to discredit (KP monitor for Zimbabwe) Mr. Abbey Chikane's report, the KP chair advised the Zimbabwean delegation that based on the KP monitor's report confirming compliance, there was nothing stopping Zimbabwe from exporting its diamonds."

The report said that most Kimberley Process delegates present at the Kimberley Process supported the immediate exportation of Zimbabwe's diamonds.

Minister Mpofu also said the World Diamond Council and the European Union also supported the decision to allow Zimbabwe to sell its diamonds.