Zimbabwe: Mugabe to Pursue Nationalization of Diamond Industry

Zimbabwe’s President Robert Mugabe has said that his government would take possession of all diamond operations in the country. He stated that the nationalisation of the industry was necessary to prevent widespread swindling and smuggling by mining companies. However analysts say that the latest move by Mugabe’s government could further dim Zimbabwe’s reputation, and make it a more risky investment destination. Media reports indicate that Zimbabwe was the eighth largest diamond producer in the world with 4.7 million carats in 2014.

It would be recalled that Zimbabwe, under Mugabe; its only known political leader since independence has a history of nationalization, the most popular one being the land nationalization policy that resulted in the violent eviction of over 4,000 white farmers from the country years back. Click here to read more on the story.