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AFRICA TO SET UP DIAMOND “OPEC”
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AFRICA IS DEVELOPING a new syndicate which is expected to influence the global market for diamonds.
The African Diamond Producers Association (ADPA), conceived by African diamond producers last year, is expected to become operational this year, initially with 10 founding members. |
The founding members, who include six African countries that produce over half of the world's diamonds by value, have already agreed on the terms of reference for the new body and were in Angola recently to agree on a framework for ADPA's funding and secretariat.
Zimbabwe's Mines Minister, Amos Midzi, flew into the Angolan capital for a scheduled meeting of ministers that will agree on the final details of ADPA's terms of reference. Angola is said to have initiated the idea for the syndicate, which has received backing from Botswana, the world's largest diamond producer by value, Namibia and South Africa.
Other regional countries that are part of the initiative include the DRC, Lesotho and Angola. Angola, Congo, Botswana, Namibia and South Africa accounted for 60 percent of the world's diamond output last year.
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