Zimbabwe Minister of Finance Tendai Biti presented the country's 2011 mid-year fiscal policy review this week in the parliament, including an update on the country's diamond industry. According to the review, 18% of the alluvial diamonds mined at Marange are gem quality, and 23% of the country's kimberlite diamonds are also gem quality. He cited a price range of $1,300 to $5,000 for the diamonds.

The minister said there was no connection between Zimbabwe's diamond income, its output and international diamond prices. In the first half of 2011, Zimbabwe exported about 717,000 carats from its alluvial diamond mines in Marange, including the Mbada mine. However, only $103.9 million of diamond exports were accounted for.

The Zimbabwean Treasury saw no payments on any diamonds from 2011. However, a February payment was made on 2010 diamond production. In light of this, the minister urged completion of the Diamond Revenue Bill to properly audit all of the country's diamond revenue, its sharing and distribution.

The minister mentioned the difficulties of processing rough diamonds in a non-transparent manner, citing issues associated with the Kimberly Process Certification Scheme and general accountability.

He asked the international community to recognize the compliance that Zimbabwean companies were demonstrating with the Kimberly Process, and he requested the right for Zimbabwe to sell its diamonds within the framework of the Kimberly Process Certification Framework.