Miners dig for diamonds in Marange, eastern Zimbabwe. AP Photo/Tsvangirayi Mukwazhi
Miners dig for diamonds in Marange, eastern Zimbabwe. AP Photo/Tsvangirayi Mukwazhi
Miners dig for diamonds in Marange, eastern Zimbabwe. AP Photo/Tsvangirayi Mukwazhi
Miners dig for diamonds in Marange, eastern Zimbabwe. AP Photo/Tsvangirayi Mukwazhi

Can the blood really be washed from the diamonds?


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Zimbabwe's military generals, who increasingly control the country and its economy, stand to benefit from the decision to end sanctions against the country's diamond exports.

Last month Mathieu Yamba Lapfa Lambang, the chairman of the Kimberly Process (KP), the body tasked with preventing the trade of conflict diamonds, said Zimbabwe could go ahead and export stones. The decision met with strong objections from the US, Canada and EU, all of which are members of the KP.

The diamonds are mostly from the Marange field, from which the Zimbabwean military violently evicted thousands of prospectors in 2008.

Eyewitnesses at the time spoke of helicopter gunships firing down on fleeing miners, leaving scores of bodies scattered on the ground.

The announcement made by Mr Lambang, a Congolese national, is at odds with the KP's usual procedure of decision by consensus, and has outraged human rights groups.

"Miners, retailers, and consumers have relied on the Kimberley Process to stop blood diamonds from being sold, but with chairman Yamba's decision, the KP has betrayed their trust," said Arvind Ganesan, the business and human rights director at Human Rights Watch.

"Governments and companies should ignore his decision unless they want to make blood diamonds available to consumers and ruin the credibility of the Kimberly Process as well."

The KP restrictions on Zimbabwean diamonds have always fitted uncomfortably with its original mandate, which was aimed non-statutory rebel groups, not sovereign governments, from using mining operations to finance their activities.

But the heavy-handed military and the despotic rule of Robert Mugabe, the president, resulted in Zimbabwe becoming one of the KP's blacklisted states.

The military's control over the vast Marange fields — the source of a quarter of the world's diamonds — is firmly under the control of a clique consisting of military and police leaders.

The military's involvement in diamond dealing began under the leadership of the late General Vitalis Musungwa Gava Zvinavashe, the former head of the country's military who died in 2009.

In 1998 Zimbabwe plunged into the Congolese civil war, in spite of having little strategic interest in doing so.

The lure of the conflict was primarily money - the late Congo dictator Laurent Kabila, who died in 2001, had promised Mr Mugabe access to diamond fields if he helped him suppress rebellion and an invasion by his eastern neighbours.

During the course of the conflict Zimbabwe deployed some 11,000 troops at a cost of millions of dollars a month.

This conflict, which cost Zimbabwe some 500 casualties, also made its senior military officers and politicians very rich. Zimbabwean troops were stationed around the Kisai diamond field, and mining concessions were given to companies controlled by the military.

Human rights groups reported Zimbabwean military aircraft landing on jungle airstrips, depositing troops and equipment. They departed with boxes of rough diamonds.

It was partly as a result of the pillage in the Congo that the Kimberly Process was born in 2003. The KP was intended to block trade in "conflict diamonds" that originated in war-torn countries and were used to finance rebel groups.

But Zimbabwe's generals had developed a taste for gemstones. When the wealth of the Marange field, discovered in 2006 became clear, they moved in. At the top of the list of those who allegedly earned many millions from diamond sales are Emmerson Mnangagwa, the Zimbabwean defence minster, and Solomon Mujuru, the former head of the Zimbabwe armed forces and the husband of the vice-president Joyce Mujuru.

Unconfirmed reports suggest the government in Harare, the capital of Zimbabwe, now has a stockpile of diamonds worth US$5 billion (Dh18.36bn), almost a full years' GDP for the cash-strapped country.

As a result, Zimbabwe has lobbied hard to be allowed it sell its stash on the open market. But the blood-letting at its diamond fields has worked against it.

So has the recent disclosure by Tendai Biti, its finance minister and a backer of Mugabe's rival, Morgan Tsvangirai, the prime minister - that $30 million made from the sale of Marange diamonds in the months before the ban, is missing.

While the KP decision will undoubtedly make it easier for Zimbabwe to sell diamonds, the country's leadership has made it clear it will go ahead with sales regardless of legal restrictions.

"Sanctions or no sanctions, Zimbabwe will sell its diamonds," Mr Mugabe said recently.

For those who know where to go, freelance diamond dealers can be found, usually sitting in booths at discrete nightspots in Harare's swanky suburb of Borrowdale Brook.

"In a country filled with corrupt schemes, the diamond business in Zimbabwe is one of the dirtiest," according to a classified document dated in November 2008 from the US embassy in the country, released last year on WikiLeaks.

With the Kimberly Process appearing in disarray, this is not likely to change soon, and Zimbabwe's military will grow richer.

STAGE 4 RESULTS

1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51

2 David Dekker (NED) Team Jumbo-Visma

3 Caleb Ewan (AUS) Lotto Soudal 

4 Elia Viviani (ITA) Cofidis

5 Matteo Moschetti (ITA) Trek-Segafredo

General Classification

1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21

2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43

3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03

4 Chris Harper (AUS) Jumbo-Visma - 0:01:43

5 Neilson Powless (USA) EF Education-Nippo - 0:01:45

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A

Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke​​​​​​​
​​​​​​​Two stars

The cost of Covid testing around the world

Egypt

Dh514 for citizens; Dh865 for tourists

Information can be found through VFS Global.

Jordan

Dh212

Centres include the Speciality Hospital, which now offers drive-through testing.

Cambodia

Dh478

Travel tests are managed by the Ministry of Health and National Institute of Public Health.

Zanzibar

AED 295

Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.

Abu Dhabi

Dh85

Abu Dhabi’s Seha has test centres throughout the UAE.

UK

From Dh400

Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.

Women’s T20 World Cup Asia Qualifier

ICC Academy, November 22-28

UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal

ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan 

UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Match info

Champions League quarter-final, first leg

Liverpool v Porto, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

Key fixtures from January 5-7

Watford v Bristol City

Liverpool v Everton

Brighton v Crystal Palace

Bournemouth v AFC Fylde or Wigan

Coventry v Stoke City

Nottingham Forest v Arsenal

Manchester United v Derby

Forest Green or Exeter v West Brom

Tottenham v AFC Wimbledon

Fleetwood or Hereford v Leicester City

Manchester City v Burnley

Shrewsbury v West Ham United

Wolves v Swansea City

Newcastle United v Luton Town

Fulham v Southampton

Norwich City v Chelsea

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

UAE squad

Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet