Zimbabwe Diamond Mining 2013

8/22/2019 Zimbabwe Diamond Mining 2013

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www.diamondshades.com/diamondreport publication 1

CompaniesDiamond IndustrySeries

EquityCommunications

Zimbabwe Diamond Mining

2013

August 1, 2013

Table of Contents

Zimbabwe Diamond Mining Page 2

Diamond Production from Marange Page 5

Diamond Sales Page 7

Diamond Exploration Page 9

Impact on Global Production of Diamonds Page 11

Zimbabwe Diamonds and Ethical Trade Page 13


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Zimbabwe Diamond Mining

Zimbabwe produces typical African kimberlitic diamonds and alluvial diamonds. Diamonds in Zimbabwe

are currently being extensively mined in three different regions of the country.

1. MurowaFigure 1: Murowa Mine

Murowa Diamond Mine

First Year ofProduction 2004

Type of work Open pit

Ownership Rio Tinto Plc (77.8 pecent)

Rio Tinto Zimbabwe (22.2 percent)

Ore Grade 70 carats per hundred tonnes

2012 Production 401 000 carats

Average price US$106 per carat

Source: Equity Communications

Between 1997 and 1998 Rio Tinto Zimbabwe discovered the Murowa kimberlite cluster, and began

mining in 2004. The deposit consists of three kimberlite pipes in close proximity to each other. Mining

operations are a combination of small open pit and underground construction.

An expansion programme to increase ore processing capacity to 2 million tonnes per annum had been

planned in 2007 but the operating environment made the project unworkable. Capital costs of expansion

would have been in excess of US$200 million. However, reserves at Murowa were recently decreased

following a pit redesign and re-classification of material.

2. River Ranch MineRiver Ranch is Zimbabwes first diamond mine. Diamonds were discovered in 1971 at River Ranch in the

south of Zimbabwe by Kimberlitic Searches, a subsidiary of De Beers. De Beers gave up its rights to the

area in 1991 after a dispute with the government over the marketing of gems. Shortly afterwards,

Auridiam Consolidated an Australian and Canadian joint-venture - obtained a permit to develop the

River Ranch diamond concession at a cost of US$10-12 million.


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The company completed its exploration services in 1992, confirming that diamonds had been found at the

concession and announcing plans to build a small-scale production plant. A 500 000 tonnes-per-year

processing plant at River Ranch was commissioned in January 1994. The River Ranch mine had beenexpected to reach 1.5 million tonnes of ore annually in 1996 and produce 500 000 carats per year during

its ten years projected life span.

However, the company was losing money per every ore mined due to low diamond prices and the mine

closed down in 1998.

It was re-opened in 2004 under a different ownership structure.

Figure 2: River Ranch Mine

River Ranch Mine

Opened 1995-1998; 2004-Type ofwork Open pit

Ownership Limpopo Mineral Resources 80 percent (Saudi Arabian)

Khupukile Resources 20 percent (Zimbabwean)

Reserves 17 million tonnes of ore

Grade 0.4 carats per tonne

Production N/A (75 000 carats 2009)


Production

When the mine was opened in 1995 it was estimated that it would produce 500 000 carats a year for the

next 10 years. It produced 474 130 carats in its first year of production in 1996 but closed two years later

because of viability problems. Before it was closed, the mines production topped 118 074 carats in March

1996 after installation of a diamond recovery plant. New investors that took control in 2004 made fresh

capital investments into the mine and received technical assistance from African Management Service

Company (AMSCO), a joint entity managed by the United Nations Development Programme and the

World Banks International Finance Corporation (IFC). The technical assistance contract ended in 2007.

There have been conflicting reports on the annual production of River Ranch mine since 2007. Fresh

shareholder disputes have mothballed operations in recent years.


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3. Chimanimani Diamond FieldsFigure 3: DTZ-OZGEO

DTZ-OZGEO

OwnershipDevelopment Trust of Zimbabwe - 40percentOZGEO - 60 percent(Russia)

Production Chimanimani Diamond Fields (Explorative, higher quality than at Maran

Completed trial mining

12 000 carats per year

Average price US$60 -US$180 per carat


The diamond deposits in Chimanimani were officially discovered in 2008 on farmland reallocated during

Zimbabwe's land reform programme. DTZ-OZGEO, a joint venture between Zimbabwe and Russia was

subsequently awarded a special grant to explore for diamonds in the area. Trial mining began in 2010

with full production commencing in late 2012. The diamond resource in Chimanimani is richer than at

Marange but substantially smaller.

4. Marange Diamond FieldsThe Marange fields is an area covering about 120 000 hectares in Eastern Zimbabwe where mostly

alluvial diamonds have been discovered. The concession area is held under at least four special grants

belonging to the Zimbabwe Mining Development Corporation (ZMDC), with about 20 percent of the total

concession area comprised of diamond prospects. However, it is still not possible to ascertain the

longevity of the reserves available until a proper scientific study is completed.

De Beers subsidiary Kimberlitic Searches Limited is responsible for the discovery of Marange diamonds

in the 1980s. Their Exclusive Prospecting Order (EPO) expired in 2006 and exploration rights were taken

up by African Consolidated Resources. The Government of Zimbabwe subsequently took over these rights

via the Zimbabwe Mining Development Corporation (ZMDC) at the end of 2006. This was after a

diamond rush in September 2006 that saw thousands of Zimbabweans taking up artisanal mining in the

Marange area. Diamond mining in Marange has since been regularized.

In 2010, Zimbabwe announced that it would nationalise all alluvial diamond mining operations and then

enter into management contracts with private investors.


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Diamond Production from Marange

Figure 4: Marange Official Diamond Production

Source: Company Reports, Equity Communications

The Marange product range is quite varied. At least 70 percent of the diamonds are coarse, very low-to-

medium quality diamonds resembling rounded pebbles, with colours ranging from dark green to dark brown

and black. The rest are near gem and gem quality diamonds with mostly greenish and brownish colours.

Production statistics from the Kimberley Process indicate that Zimbabwe officially produced 3.8 million

carats of diamonds valued at US$174.8 million between the years 2003 to 2009, and 8.5 million carats in2010. However these statistics are misleading as there is no accounting for diamonds smuggled out of the

country in the days of free-for-all diamond mining between 2006 and 2008.

In 2009, The Kimberley Process suspended trade in Zimbabwe diamonds from Marange after reports

surfaced that the diamonds were being mined under conditions that gravely violated basic human rights.

A Kimberley Process Review Mission later visited the Marange area to assess conditions in the region,

including compliance with the minimum trade standards for rough diamonds. Zimbabwe was found to be in

breach of some trade standards and pledged to undertake corrective measures. In mid 2010 an agreement

was reached for Zimbabwe to resume rough diamonds exports. Under the terms of the agreement,

Zimbabwe was allowed to export its diamonds stock-pile including a limited quantity of diamonds produced

in 2010.


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Towards the end of 2011 Zimbabwe was finally given the green light to freely resume export of diamonds

from Marange, within the Kimberley Process framework. However, because of economic sanctions on

Zimbabwe, diamonds from Marange cannot be traded in Europe and USA.

Figure 5: Zimbabwe Diamond Exports


Figure 6: Zimbabwe Diamond Exports



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Current Management Contracts in Marange/ 50-50 Joint Ventures

Figure 7: Diamond Producers in Marange

Diamond Producers in Marange

Established Producers (2010)Mbada Diamonds ZMDC 50 percent;

Grandwell Holdings 50 percent (Zimbabwe and South Africa)

Anjin Diamonds Zimbabwe Defence Industries 40 percent

ZMDC 10 percent

Chinese Defence Industries 50 percent

Diamond Mining Company UAE investors 50 percent

ZMDC 50 percent

Marange Resources ZMDC 100 percent

Emerging Producers (2012)Gye Nyame ZMDC, South African, Zimbabwean and Ghanaian investors

Jinan Investments N/A

Kusena Diamonds N/A

Rera Diamonds N/A

Source: Equity Communications Research

Figure 8: Diamond Sales 2012

First Full Year of Unrestricted Diamond Sales

Marange Big Four Exports US$ Millions

Mbada Diamonds 308.3

Anjin 209.9

Diamond Mining Company 100.8

Marange Resources 65.5 684.5

Murowa Diamonds 46.5

River Ranch 2.4

DTZ-OZGEO 1.2

Local Sales 10.2

Rough Diamond Exports - DiamondPolishers 2

Total 746.8

Source: Equity Communications, RBZ, ZMDC


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In 2012 Zimbabwe announced the discovery of new diamond fields in different parts of the country.

These are currently undergoing assessment even though clandestine mining activities have commenced in

some of the new areas. The Marange diamond fields were also extended by a further 50 thousand

hectares to 120 thousand hectares. Four companies were awarded licences to mine diamond in the

Marange region following its extension, bringing the total number to eight. Less than 40 percent of the

Marange diamond concession area has been allocated so far, with Zimbabwe's mining ministry in the

possession of more than 300 applications.

Figure 9: Zimbabwe Diamond Revenue


If Zimbabwe completes its electoral reforms successfully, a surge in diamond production from the country

is likely.


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Diamond Exploration

Figure 10: Kimberlites Discovered and Diamond Deposits

Source: Forbes Mugumbate

It is believable that Zimbabwe has diamond reserves across the country that remain largely unknown owing to

the high cost of exploration and the socio-economic problems the country has experienced in the last fifteen

years. The rich geological make-up of the Zimbabwean landscape certainly makes this possible. More than two

thirds of Zimbabwes total surface area lies on a craton which is very stable and conducive for the deposit of

kimberlites. Additionally, the Orapa Kimberlite Track where the worlds largest diamond mine is located -

extends from Botswana into Zimbabwe. The Zimbabwe area covers more than 14 000 square kilometres.


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All in all, the Zimbabwe Government has issued about 460 EPOs for diamonds in different regions of the

country. More than 200 kimberlites have been discovered in the country. However, the government has since

revoked all EPOs previously granted arguing that mining companies were sitting on mining claims for

speculative purposes while also blocking the participation of locals in mining.

For now, a significant discovery of kimberlitic diamonds in Zimbabwe would be extremely fortuitous. The

country has probably the most unfriendly mining laws in the world including a volatile policy-making

framework. Zimbabwe recently inflated mining fees and prospectors will have to fork out US$1 million for a

prospecting licence and an additional US$5 million to register a claim for three years. Once a company decide

to proceed to actual mining activities it should be prepared to take up a maximum 49 percent shareholding

while initially being expected to meet 100 percent of the costs. Furthermore, alluvial mining of diamonds is

only possible at the invitation of the Zimbabwe Government.

Diamond Cutting and Polishing

At least ten percent of rough diamond sales by value are reserved for local processing companies and jewellery

manufacturers that include a company owned by the Reserve Bank of Zimbabwe. Nevertheless, rough diamond

sales to local processors amounted to US$10 million in 2012, a clear indication that Zimbabwe's polishing

industry is still very much in its fancy. Furthermore, it is highly improbable that Zimbabwe's polishing industry

will grow in the short-term because of excessive licensing costs that make it extremely uneconomic to process

much of Zimbabwe's production locally.


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Commentary

Impact on global production of diamonds

Diamond forecasters place confidents in their forecasts for declining world diamond production because it is

relatively easy to monitor what is happening at kimberlite mines, which provide the bulk of top tier diamond

assets. The majority of the worlds important kimberlite mines are moving into full underground mining, a clea

sign that diamond reserves have become greatly depleted. Moreover, underground mining increases the chance

that producers will miss production targets as it is more expensive and more complex. Add to this, it can take

anything from 5 to 20 years for a newly discovered kimberlite pipe that containers diamonds to go into

production. There has not been any new discovery of high volume bearing diamond kimberlites in more than a

decade.

However, a sudden discovery of alluvial diamonds can throw production forecasts into disarray because of the

relative ease to commence commercial production. Not many forecasters anticipated the sudden surge in

Angola's rough diamond production at the end of the civil war. Angola's surge was based on alluvial production

and there was belief that this was a one-off event.

Just over a decade earlier, alluvial diamond deposits in the Kimberley region in Western Australia subsequently

led to the discovery of the Argyle pipe. The Argyle AK1 pipe represented the first major deposit of diamonds

found in lamproite(a kind of volcanic rock similar to kimberlite). De Beers controlled the exploration rights in

that area for many years but did not find the Argyle deposit, which provided 42 percent of global annual

production at its peak in the 1990s.

History could be repeated in Zimbabwe. De Beers acquired rights to prospect for diamonds in Marange in the

1980s which it eventually allowed to expire in 2006 after it concluded that the diamond deposits fell too far

short of its expectations. African Consolidated Resources (ACR) immediately took over the rights and promptly

discovered economic deposits within lamproites in the area. ACR never got the chance to exploit the resource a

it was soon nationalised by the Zimbabwe government. The Marange area, covering 120 000 hectares, is very

rich in alluvial diamonds but it is still not possible to ascertain the longevity of the reserves available until a

proper scientific study is completed. If Zimbabwe completes its electoral reforms successfully, a surge in

diamond production from the country is likely.


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Our view is that diamonds from Marange are a major discovery of diamonds in the global scheme of things. We

do not subscribe to the popular assumption that high value gem diamonds are the only mining projects that

matter. Matter of fact, the promotion of marginal projects that promise high value diamonds has destroyed

shareholder value in the diamond industry, creating a credibility gap with investors that is now affecting new

projects. Price expectations for the diamond industry from the last few years have proven to be too optimistic aa time when overall commodity price increases have led to accelerated increases for many of the inputs

required for mining diamonds.

The mining industrys recent track record in this area is not great. In the past 18 months, here has been

widespread destruction of shareholder value across the sector. Junior and major mining companies across all

commodities have made massive write downs on their investments.

What ultimately matters in resource extraction is that price should be greater than cost of extraction. Companie

operating in Marange are reportedly producing 4 carats per tonne, which really is quite impressive. More

importantly, these diamonds appear to have found a ready market in Asia, where a growing number of

consumers would love to wear diamonds as part of their everyday jewellery. It follows that everyday jewellery

cannot be expensive jewellery. Furthermore, our analysis points to a trend whereby demand for small value

diamonds will rise faster than demand for high value diamonds in the coming years. We attribute this to shiftin

consumption patterns in diamond retail markets. Our view is that, outside of diamond engagement rings,

expensive diamond studs and necklaces are not a requirement for fashion accessories. Design will rule the day,

as it always has.


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Zimbabwe diamonds and ethics in the diamond industry

Figure 10: Fiscal Contribution of Diamond Mining in Zimbabwe


Africa is a continent with a lot of poor people who do not have access to a sustainable income source. The issue

of poor Africans who trespass into mines, not just diamond mines, in search of an income source will not go

away soon since it is extremely difficult for formal miners and informal miners to co-exist in a single mining

area. Governments and security companies at African mines will always have running battles with poor Africans

who will keep coming back into these areas to eke out a living. Some governments and security companies will

exercise restraint as they try to secure these areas. Others will not. Even those that are more inclined to exercise

restraint will probably not exercise it all the time. In every occurrence of these running battles there probably

would be a case for suspected human rights violations and the question of land and resource ownership is hard

to settle. Not just in Zimbabwe; everywhere else all over Africa. Even respectable Botswana has been accused of

human-rights violations in the Kalahari. This is because what passes as human-rights violations in complex

mining situations is open to fluid interpretation.

Therefore, those who insist that the Kimberley Process should either figure out a way to expressly incorporate

human-rights monitoring into its oversight of member countries or invite an outside organization to do it for

them are just inviting trouble for the whole diamond chain because of the dubiousness of the results they seek.

Consistent oversight would especially be problematic in the production of alluvial diamonds which are oftenfound in deposits spread out across a huge geographic area that cannot be easily isolated. These deposits can

easily be mined informally, in a non-regulated way since they are available to anyone with a shovel and wood-

framed sieve. Alluvial diamond deposits are also notoriously difficult for mining companies to secure.


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Our well-considered view is that it is to Zimbabwe's advantage that subsistence diamond mining has not been

allowed to take root in Marange. History has shown us that it never ends well when thousands of people living

on a dollar per day are scrambling and competing to get rich quickly. Murders and civil conflict soon follow.

The situation in Manicaland Province, where Marange is located, was fast getting out of hand after tens of

thousands of Zimbabwe joined the diamond rush in a very inhumane way. Anyone who believes Zimbabwe

was wrong to rid Manicaland of informal diamond mining and trading does not have the interests of theZimbabwean people at heart. To this day, lots of land in Marange is still under the protection of the Zimbabwe

military because adequate studies to ascertain the presence of diamonds are still to be conducted.

However, militarisation of the Marange diamond fields has brought about its own problems. Noone can

objectively say that they know what is happening with the Marange diamonds, not even Zimbabweans

themselves. The general opaqueness in Zimbabwe diamond mining ensures that issues of certification, the legal

process of awarding concessions, beneficiation, policing and anti-smuggling standards, environmental concerns,

compensation and relocation of affected mining communities are not open to closer scrutiny

The path from mines to Zimbabwe's state mineral marketer is covered in blanket secrecy because it is considered

a national security issue. Diamond mining in Marange is clearly setup to bust sanctions from the European Union

and USA. Are the people of Zimbabwe, through their governments 50-50 shareholding in all diamond mining

ventures, the ultimate beneficiaries of the complicated web of operational companies? Or these companies are

ultimately for the benefit of a few individuals as alleged by Global Witness and others? It is not clear. Some like

Global Witness are asking that Zimbabwe reveal the ultimate beneficiaries of all companies operating in

Marange, including an audit of everything that happens there.

Zimbabwe insists, and with the backing of other African producer countries, that doing so jeopardises revenue

for the Zimbabwe government as secrecy is meant to circumvent sanctions which Africa, China, Russia, UAE,

India and many of the emerging diamond markets do not support. As a side note, the fact that Zimbabwe's

economy still collapsed while much of the rest of the world has not placed it on economic sanctions is a

testament to the gross economic mismanagement in the country.

Sanctions against diamonds from Marange in Zimbabwe have actually lowered transparency standards in the

Zimbabwe diamond industry, allowing for extremely profitable unofficial dealings. Zimbabwe's diamond

industry is the only industry in the country that does not follow proper reporting standards for 'national

security' reasons. The position taken by Zimbabwe's mining ministry is that Zimbabwe must not be transparent

about its diamond dealings in order to protect its trade partners who could suffer financial penalties from the

USA and EU for entering into transactions with Zimbabwe.


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A 2013 parliamentary report in Zimbabwe revealed that diamond mining companies in the country were trading

their diamonds through unconventional means because major international banks, insurance companies and

couriers did not want to be associated with Marange diamonds. As a result of these financial restrictions, a

number of loopholes had been created leading to fiscal leakages, promotion of corruption and national insecurit

In 2011, Zimbabwe's Ministry of Finance, which was not in the control of Robert Mugabe's party, wrote a letter

the US government requesting for the removal of financial restrictions on Zimbabwe's diamond companiesbecause these were being used as an excuse to flout national laws.

Moreover, the presence of sanctions actually limits the participation of apolitical companies in Zimbabwe

diamond mining and in the greater Zimbabwe economy. Basically, sanctions have ensured the allocation of

diamond mining concessions to one group of Zimbabwean society and it is folly to think that these companies

will be booted out wants a system more favourable to certain international interests is in place. Indeed, the

current empowerment drive in the greater Zimbabwe economy benefits those who are already in the system

because everything has to be done quietly and to protect entrenched interests.

We have previously stated that dislike for the Mugabe Regime clouded good judgement and allowed for the

diamond industry to be sucked into complex international political games. All major diamond producers in Afri

apart from South Africa have state ownership of diamond mines. Matter of fact, the Zimbabwe diamond industry

follows the exact same operating model as the Angola diamond industry. The difference is that Zimbabwe has

Mugabe who appropriated minority-owned assets at the helm while Angola has Dos Santos who did not.

On one hand, there are international trade protocols to observe in the diamond industry such as the Kimberley

Process Certification Scheme and System of Warranties. On the other hand, there are also country or regionallaws to abide by. Therefore, it is fair for USA based diamond businesses to refuse to transact with certain

countries in order to comply with US laws even though those affected countries observe international protocols.

It is fair again for USA based businesses to demand guarantees from their supply chains that they are not passing

on to the American market products from countries or individual that the USA has proscribes its citizens from

dealing with.

However, there is nothing ethical about exaggerating human rights violations and conflict to further political

positions and financial interests. Too many influential but false experts on Zimbabwe exist in the diamond industry

We believe a situation of no restrictions is better than poorly structured restrictions. Furthermore, foreigners who

exaggerate the human right violations and conflict in Zimbabwe have no idea about the reaction it causes in

Zimbabwe.


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It is not smart logic to take positions against the government of Zimbabwe that emphasize the black and white

divide. We question the wisdom behind placing restrictions on state-owned companies in Zimbabwe while

foreign-owned companies are allowed to operate freely. After all, they all pay tax and royalties to the Zimbabw

government. Unrestricted Chinese owned companies operate in Marange while Rio Tinto also has unrestricted

diamond mining operations in Zimbabwe. So while the economy of Zimbabwe is mismanaged and looted, you

will also find that there are many in Zimbabwe who genuinely believe that sanctions are being used to try torecolonize Zimbabwe. Consequently, the Zimbabwean populace faces a very difficult and unfortunate dilemma.

The crucial mistake that international observers of the Zimbabwean political crisis make is to assume that the

Mugabe regime no longer has a broad support and that the opposition is strong enough to obliterate it. If

anything the situation in Zimbabwe is quite similar to the blue versus red political divide in the United States o

America no one side has indisputable widespread support in Zimbabwe and even in the international

community.

When news spread that large-scale alluvial deposits had been discovered in the Marange fields in eastern

Zimbabwe, there was a diamond rush in September 2006 that saw tens of thousands of Zimbabweans taking up

artisanal mining in the Marange area. Until late 2008, mining at the Marange diamonds fields was mainly by these

artisanal miners. Mining was free-for-all, inhumane and chaotic until Zimbabwean authorities moved to regularize

diamond mining in the fields. The government of Zimbabwe asserts that it had to deploy the army to stop illegal

mining activities and also bring sanity to the area.

As imagined, the Zimbabwe army used brutal methods to flush out artisanal miners in the area and theKimberley Process was, for this reason, right to suspend trade in diamonds from Marange until a time when it

became clear that proper and humane mining methods could be carried out in the area. Zimbabwe became

compliant in 2011 and there is no brilliantly thought out reason to now try and shift goal posts.

Those still holding out against Zimbabwe must be urged to accept trade in Marange diamonds and find other

avenues to express their dislike for the Mugabe Regime, for the good of the diamond industry. Conflict and

human rights violations in Zimbabwe are tremendously exaggerated to comply with political positions. The rest

of the world has not overlooked the fact that Robert Mugabe was a darling of the West up until he appropriated

farmland from white minorities. Indeed, it was the USA and EU that financially propped up Zimbabwe's

disastrous economic policies for two decades prior to the land reforms.


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Nevertheless, even with all the accompanying chaos, the Zimbabwe diamond industry has experienced

significant growth in the last five years. The country has somehow found a market for its substantial

production of diamonds, outside Europe and the USA. Reportedly, the diamonds are sold at up to 25 percent

discount. If that is correct, then anyone who believes these diamonds can be flushed out the system is trying to

enforce the unenforceable.

Zimbabwe has doubled the number of companies mining in Marange. Therefore annual production should rise

somewhat in the coming years. However, with constitutional reforms completed and fresh elections on the

horizon, concerns over the countrys political future loom large. Growth in diamond production will stall if

there is fresh widespread political and economic disruption in Zimbabwe.

Progression of the Diamond Market

Our expectations for the diamond market in the short-to-medium term are less aggressive. In the next three

years, we believe annual world production of rough diamonds will receive a boost of 10 to 15 million carats in

mainly lower quality diamonds as the Argyle underground mine also expands to full production. We already

anticipate increased production from Zimbabwe after four new companies were awarded mining licenses for

different areas of the Marange concession, doubling the number of companies mining diamonds in Chiadzwa.

What this means is that diamond prices will likely rise at a slower pace than had been anticipated just two years

ago. Add to this the fact that emerging diamond markets are not growing quickly enough to replace diminishing

demand in developed diamond markets.

For in-depth analysis of Zimbabwe Diamonds in the context of the global diamond industry, please visit the

2013 Diamond Report Sectionof the Diamond Shades website.
http://www.diamondshades.com/diamondreporthttp://www.diamondshades.com/diamondreporthttp://www.diamondshades.com/diamondreport


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Copyright 2013, Equity Communications Private Limited, ALL RIGHTS RESERVED.

This publication is part of the Diamond Industry Series, a series of diamond industry reports produced by Equity

Communications ahead of the2013 Diamond Report. Equity Communications Diamond Report provides detaile

analysis of trends in the diamond industry value chain in 2012-2013, from the production end to the retail end.

is in its third edition.

About Authors

Tinashe Takafuma is Head of Research at Equity Communications. You may contact him by email at:[email protected].

Gerald Manyengavana is a Research Analyst at Equity Communications. You may contact him by email at:

[email protected];

For Further ContactIf you would like to discuss this report, please contact either of the above.

To find the latest Equity Communications content and register to receive notifications on new diamond industrre orts and luxur oods sector re orts lease visitwww.diamondshades.com

Please Note

The views expressed herein are solely those of Equity Communications as of the date of this report and are subject

to change without notice. Data Tables, Survey Results and Financials provided in this report are not intended, normplied, to be a substitute for the professional advice you would receive from a qualified accountant, attorney or

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may have regarding the decisions you undertake as a result of reviewing the information contained herein. Nothing

n this report should be construed as either investment advice or legal opinion.

About Authors

Gerald Manyengavana is a Research Analyst at Equity Communications. You may contact him by email at:

[email protected];

Supervision was provided by Tinashe Takafuma, Head of Research at Equity Communications. You may contachim by email at: [email protected]

For Further Contact

If you would like to discuss this report, please contact either of the above.

To find the latest Equity Communications content and register to receive notifications on new diamond industryreports and luxury goods sector reports, please visitwww.diamondshades.com
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Zimbabwe Diamond Mining 2013

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