LONDON-headquartered Vast Resources is set to begin selling its diamond parcel previously held in Zimbabwe after a specialist cleaning and sorting initiative, which the company states has “greatly improved the value of the parcels” for shareholders.
The move follows a Supreme Court ruling in the company’s favour, ending a long-standing dispute with the Zimbabwean government over the 129 400 — carat diamond parcel.
The gems had been held by the Reserve Bank of Zimbabwe as evidence in a claim that Vast had exploited deposits previously owned by De Beers.
With the legal obstacles cleared, Vast Resources announced it will begin initial public and private tenders.
“Over recent months, Vast has been working with specialist consultants to develop new cleaning and sorting processes specific to its eluvial stones, which are unique in character and require several layers of cleaning and preparation to maximise their value at tender,” the company said.
It explained that Marange diamonds are typically coated in a thick layer of iron, other metals, and silicates, which conceal “beautiful clear gems, and highly-prized rare, coloured gems”.
“Vast and its specialist consultants have pioneered a five-stage cleaning process to unlock the potential of these unique diamonds and is now at an advanced stage to enable the selling process to begin,” the company stated.
The mining firm also reported a significant increase in the total caratage available for sale.
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After a detailed sorting process of the parcels, an additional 6 055,35 carats of gem-quality stones were identified.
This discovery brings the total diamond parcel to approximately 135 139,47 carats, of which 36 475,26 carats have been classified as gem quality. The entire consignment is currently in Dubai for final sorting and preparation.
“Vast plans to be directly and indirectly involved in the entire value-chain, where possible, in order to maximise returns for shareholders. Accordingly, Vast’s diamonds have been put through a bespoke five-stage cleaning process, which has greatly improved the value of the parcels,” Vast said.
