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Tanzania seizes $30m diamond stash

Publish date: 11 September 2017
Issue Number: 742
Diary: IBA Legalbrief Africa
Category: General

The Tanzanian Government has confiscated diamonds worth nearly $30m after accusing UK company Petra Diamonds of having declared a lower value when trying to export the gems. A report on the News24 site notes that Finance Minister Philip Mpango said the diamonds extracted from the Williamson Diamonds mine had been 'nationalised'. The mine is 75% owned by Petra Diamonds, with the remaining stake held by the Tanzanian state. The diamonds were seized on 31 August at the airport in Tanzania's main city of Dar es Salaam as they were being shipped to Belgium.

Full report on the News24 site