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U.S. Adds Mbada Diamonds, Marange Resources to Sanctions List

Dec 12, 2011 7:08 AM   By Avi Krawitz
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RAPAPORT... The United States has added Mbada Diamonds and Marange Resources to its list of sanctioned entities, the Department of the Treasury stated.

The Treasury’s Office of Foreign Assets Control (OFAC) updated its ‘specially designated nationals list to include the two companies, which operate diamond mines in Zimbabwe’s Marange fields. The listing extends to any aliases they might operate under, including Block Wood Mining and Condurango Investments.

Sanctioning these companies follows the recent decision by the Kimberley Process to allow diamond exports from the Marange Resources and Mbada Diamonds respective mines despite reports of human rights abuses associated with the operations.

Marange Resources and Mbada Diamonds both operate their Marange mines in a joint venture with the Zimbabwe Mining Development Corporation (ZMDC), a state owned company which was already on the OFAC list.

U.S. citizens are prohibited from dealing with individuals or companies on the  expansive list. As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries and lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.

Following the Kimberley Process decision on Marange in November, Rapaport Group warned members of its RapNet trading network not to deal in these Marange diamonds (see Rapaport Trade Alert here).    

Tags: Avi Krawitz, Conflict Diamonds, diamonds, Marange Resources, Mbada Diamonds, OFAC, Office of Foreign Assets Control, Rapaport, Zimbabwe
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fair trade
Dec 13, 2011 5:12AM    By stel klonaros
The West continue to handle Africa in the wrong way instead of opening the door for business they keep shutting it tighter,what do you expect starving Africans to do, make computer chips in the middle of the bush? of course they will mine goods at night that belong to bigger companies and end up getting shot,but this is not a war zone (blood diamonds), people who are not involved in the diamond business walk around freely. What should happen is try to get the smaller miners rights so they can also mine and make a buck, open the free market so it is not dominated by the army, dealers can come in and buy from any small miner they want to and so export the goods in the legal fashion, as long as this carries on the way it is goods will be smuggled out and in so doing causing an unstable market,hence the KP is useless.
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