Kimberley’s Illicit Process

Author: Khadija Sharife & John Grobler, World Policy Journal , Published on: 21 December 2013

Omega’s illegal diamond trade linked countries in central Africa to Omega subsidiaries in Dubai and...Antwerp...Omega would purchase diamonds of questionable origin for little to no money in Angola, the Democratic Republic of Congo, and Zimbabwe. They would then ship the diamonds to Dubai, where they would be given certificates of mixed origin...and...over-value the worth of those diamonds. From Dubai, the diamonds would be sent to Antwerp, where they would be sold on the biggest diamond market for more than their actual worth...A three-month investigation into the efficiency of...the Kimberley Process Certification Scheme..., reveals that one of the most effective tactics enabling the continued looting of Africa’s mineral resources is the practice of under-invoicing the value of diamonds through subsidiary companies, based in jurisdictions providing legal and financial secrecy, like Dubai...Omega agreed to pay the fine that Belgian tax investigators had imposed as part of an out-of-court settlement, it has denied all guilt.[refers to Tulip Diamonds FZE, MDC, DexDiam, MBD, Vandort Consulting, Intuit, De Beers, TAIS, ASCorp (joint venture Endiama, Lev Leviev Group, Omega Diamonds), De Grisogono, Deutsche Bank]

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Related companies: ASCORP (Angola Selling Corporation) (joint venture Endiama, Lev Leviev Group, Omega Diamonds) De Beers Endiama (Empresa Nacional de Diamantes de Angola) Intuit Lev Leviev Group