A powerful cartel of diamond dealers has launched a vicious campaign to discredit a Dubai-based commodity trading firm, Erleen Gold Trading, after five officials from Anjin Investment and Minerals Marketing of Zimbabwe were arrested for stealing diamond parcels at the RGM International Airport. The officials are facing allegations of theft and the cartel is determined to discredit Erleen Gold Trading, which has been transparently trading diamonds with the Zimbabwe Consolidated Diamonds Company (ZCDC).
According to a senior government official, the cartel has been advocating for a non-transparent trading system and is disgruntled by the new arrangement between Erleen Gold Trading and ZCDC. The official revealed that Erleen Gold Trading is acting as an agent and all diamond sale proceeds are channeled back to Zimbabwe. The prices are determined by international tenders, and not by Erleen Gold Trading.
A History of Shady Dealings
The government official noted that the sale of diamonds was previously done in shady conditions, with only a few companies attending tenders controlled by diamond dealers like Jamal Ahmed. However, with the new arrangement, hundreds of companies are attending international tenders in Dubai, and the process is transparent and follows international standards.
The official also revealed that Erleen Gold Trading is purchasing diamonds from ZCDC at the international market price, customizing the stones for different customers, and sharing profits with ZCDC. The Dubai-based company is acting as a financial, technical, marketing, and sales partner for ZCDC in international markets.
Despite efforts to get a comment from Erleen Gold Trading, ZCDC, and MMCZ, they could not be reached. However, it is clear that the diamond cartel’s vicious crusade against Erleen Gold Trading is a desperate attempt to maintain their grip on the diamond trading system in Zimbabwe.
Exposing the Cartel’s Tactics
The cartel’s tactics include spreading false information and attempting to discredit Erleen Gold Trading’s reputation. However, the government official emphasized that the company has been transparent and compliant with all regulations.
The new arrangement between Erleen Gold Trading and ZCDC marks a new era for diamond trading in Zimbabwe. With international tenders and transparent processes, the country can finally reap the benefits of its diamond resources.
The diamond cartel’s vicious crusade against Erleen Gold Trading is a desperate attempt to maintain their grip on the diamond trading system in Zimbabwe. However, with the new arrangement, the country can finally reap the benefits of its diamond resources. The government must continue to support transparent and compliant companies like Erleen Gold Trading to ensure a bright future for Zimbabwe’s diamond industry.