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Guyana Officials Seize 4,000cts Of Diamonds
By Avi Krawitz Posted: 10/23/07 04:02
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RAPAPORT... Guyana authorities have seized 4,000 carats of diamonds enroute to Dubai, which they suspect were being traded on the black market.

"We did some cross-checks and we were not satisfied," William Woolford, commissioner of the Geology and Mines Commission (GGMC) said in a report by Agence France-Presse (AFP.)

Woolford said company executives could be charged with failing to comply with local laws and regulations governing the sale of diamonds and the Kimberley Process.  If convicted, executives could be fined and have their licenses revoked, explained Prime Minister Samuel Hinds.
Hinds added that the GGMC was very vigilant in intercepting suspicious diamonds based on size and color, among other features that indicate whether the diamonds do not originate from Guyana, AFP said.

Guyana is a member of the Kimberley Process and produces approximately 350,000 carats of diamonds annually.
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