First Element, which is engaged in marketing of diamonds mined Zimbabwe Diamond Consolidated Company (ZCDC), came to the attention of representatives of Zimbabwe's diamond industry due to the low cost of the sale of stones, media reported.
In the last month, reportedly Zimbabwe sold 71,000 carats of rough diamonds worth $ 14 per carat, receiving a total of $ 1 million.
Zimbabwe The Independent quoted an unnamed source, who noted that the First Element has a "dark past, and the company lacks the capacity to work effectively" . In addition, the source added that the First Element had to get out of its operations in Botswana because of accusations of underestimating, and diamond smuggling.
"It (the end of the work First Element in Botswana) was due to underestimation and smuggling of diamonds, but their official version they ran rough" - continues the source.
"First Element committed fraud and was caught in them, but the government (Zimbabwe) almost can not do anything because it is associated with the higher officials of the country."
Nevertheless, the executive director of the First Element and Zimbabwe manager Tim Wilkes (Tim Wilkes) rejected accusations of suspicious transactions.
"We had a contract with Firestone Diamonds to sell diamonds from BK11 kimberlite, but diamonds are over, and also our contract ended," - he said.
Another unnamed source close to the Zimbabwe's Minerals Marketing Corporation (MMCZ) , said that the First Element became a monopoly in clearing and auction sales of Zimbabwean diamonds.
Data released in the Kimberley Process, in June, showed that Zimbabwe last year exported 3.89 million carats of diamonds worth $ 168.6 million at an average price of $ 43.24 per carat.
It is reported that the diamonds from the Marange region (Marange) pretty low quality and have a brownish tint.
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Sale of the first in the world backed by diamonds cryptocurrency called PinkCoin due to start on 18 January. The new currency was created by Precious Investments Inc. and its subsidiary BitGem Asset Management (BAM). PinkCoin cryptocurrency Ethereum based on the platform.
Initially, the sale will PinkCoin 5 million, while the value of diamonds, which is supported by the currency, valued at $ 5 million. Thus, the price per unit is $ PinkCoin 1. Diamond stock value will be updated regularly.
PinkCoin - cryptocurrency supported colored diamonds inventory stored at BAM. All these diamonds have been independently assessed and certified, and insured by Lloyds.
PinkCoin can be exchanged for Bitcoins or individual diamonds on the basis of the latest estimate of the total inventory value of the stone.
"Pink and other fancy colored diamonds are the only assets whose value has risen steadily by over 10% per year, as well as the only commodity whose price has not fallen since the beginning of her observations in 1959. It is only enhance the value of PinkCoin currency on market ", - said Nataliya Hearn (Nataliya Hearn), CEO of Precious Investments.
Kashif Khan (Kashif Khan), President of the Precious Investments, predicts that "decentralized BitGems platform will soon become the main market for the online diamond trade, and cryptocurrency PinkCoin will be a powerful incentive for the participants of the diamond market to use the new opportunities that can offer industry a decentralized trade" .
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