Is Zimbabwe About To Bring $1.7 Billion In Diamonds To Market?

Diamond

Zimbabwe may be about to bring $1.7 billion in diamonds to market after its President Robert Mugabe announced his intention to sell the resource on the market.

The country claims to already have $1.7 billion in diamonds ready for sale. Previously, Zimbabwe was banned from selling diamonds because of the regime’s human rights record, but now those constraints may be lifted by the diamond sale controlling body, the Kimberley Process.

Mugabe also announced, at the open of state parliament, the perilous state of the country’s infrastructure.

Zimbabwe has government debts to foreign creditors of $5.5 billion, according to The Mail and Guardian.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.