Vast Resources to Offer 15-Year-Old Diamond Parcels This Month

Vast Resources will sell diamonds later this month from parcels the Zimbabwean government held for 15 years and finally released in April.

Approximately 135,000 carats of gem-quality stones seized in 2010 over a dispute about mining rights in Zimbabwe’s Marange diamond fields spent the past few months undergoing specialized bespoke cleaning, preparation and sorting to maximize their value. Vast will offer them in several public and private tenders throughout September and October, it said Monday.

“This is considered to be a unique opportunity to most effectively realize value from the long-awaited parcels from the historic settlement and could open further opportunities for the company in the future,” Vast explained.

Meanwhile, the company has paused diamond mining at its Baita Plai site in Romania while it performs a technical review of both that deposit and its Manaila operation. Vast is currently in advanced discussions with potential joint-venture partners or investors for those sites. Vast will provide a further update in the fourth quarter of the year, as it works to restart both operations, it added.

Image: The diamonds pre-cleaning (l) and after (r). (Vast Resources)