6,000-ct Bonus in Long-Disputed Diamond Parcel
May 12, 25
(IDEX Online) - The UK miner Vast Resources says a disputed parcel of rough diamonds now in its possession is larger than expected, and of higher quality.
The parcel had been in dispute since 2007 and was held under lock and key at Zimbabwe's central bank since 2009.
It was reported to contain a total of 129,084 carats - a mix of gem and industrial quality stones - but was found to include an additional parcel of 6,055 carats, all gem quality.
Andrew Prelea, CEO of Vast, said that overall 27 per cent of the stones were gem quality, the average size was 7 to 8 carats, and many of the stones were specials, over 10.8 carats.
He told Share Talk, the UK-based stock market news channel, that the long-awaited sale of the stones would clear its debts and more.
The company, which has interests in copper, zinc, gold and silver, as well as diamonds, recorded a $14.7m net loss for 2024.
The company surrendered gems from the Marange diamond fields back in 2007 amid claims it had exploited them on claims previously owned by De Beers.
De Beers left the Marange diamond fields in 2006, claiming it had failed to find viable reserves, after a decade of exploration.
Vast Resources (then known as African Consolidated Resources) subsequently discovered massive alluvial diamond deposits there, which prompted the Zimbabwe government to revoke its mining licenses within months, and evict it.
In a statement Vast said it was pleased to announce it was now in receipt of the final packing list following a Kimberly Process inspection.
"The sorting process has revealed an additional quantity of stones in the sealed historic parcels, the existence of which was previously unknown to the board of directors of Vast.
"This Additional Parcel contains 6,055.35 carats of gem quality stones, which, together with the rest of the consignment, are currently in Dubai for final sorting in preparation for cleaning and further preparation for their sale."
Vast said it was selecting the first stones for cleaning, and expects initial results in a matter of weeks.
Generic pic of rough diamonds.