India Set to Resume Diamond Imports from Zimbabwe.

India's diamond industry is preparing to resume imports of rough diamonds from Zimbabwe now that the Kimberley Process has ratified a modified version of the Jerusalem Agreement, clearing the way for that country to begin selling its stones, the Business Standards reports.
 
In October 2010, SRDSIL – a new rough diamond sourcing group in Surat – entered into a $1.2 billion deal with the Zimbabwe government for a direct supply of rough diamonds in exchange for Indian diamond workers training 1,000 young Zimbabweans as diamond cutters and polishers. But shortly after it was signed, the agreement was stalled when the KP failed to reach an agreement on Zimbabwe and extended the ban on the sale and export of diamonds from that country.
 
However, a $160 million shipment of rough diamonds was already en route from Zimbabwe to four diamond companies in India. The stones had been shipped through the United Arab Emirates, but the UAE, a KP member, was obligated to follow KP dictates on trade in Zimbabwe diamonds and did not clear them. The diamonds have since been held in Dubai's free trade zone – meaning that technically they hadn't entered the UAE, which would have been a violation of the KP ban.  The shipment can now be transported to India.
 
India's Gem and Jewellery Export Promotion Council (GJEPC) welcomed the KP decision. GJEPC Chairman Rajiv Jain said that it was good that the issue of Zimbabwe had been resolved, and that importing rough diamonds from Zimbabwe would "provide a boost to processors in India."

Source : israelidiamond.co.il