Second precious metals-backed fund announced

Follows Zurich Cantonal Bank's ETF for platinum, palladium and silver

Post By : Diamond World News Service On 20 April 2007 12:00 AM
ANGOLA hosted representatives of 12 other African diamond producing nations in its capital Luanda September 5-6, as a major step toward formally establishing an “African Diamond Producing Countries Association” later this year.%%Representatives from South Africa, Botswana, Cote d’Ivoire, Gabon, Ghana, Guinea, Liberia, Mauritania, Namibia, the Central African Republic, Tanzania and Zimbabwe were in attendance, the Angolan Press Agency reported. They were discussing budgets, bylaws and rules for membership. The next meeting, to be held Nov. 1-3, will mark the official foundation of the association under the “Declaration of Luanda” and establish rules for its executive, members and functions.
%%Angolan Deputy Minister of Geology and Mining Mankenda Ambroise called on the countries in attendance to work together to use Africa’s diamond resources to promote development across the continent. He spoke positively about the Kimberley Process and said that conflict diamonds are now becoming prosperity diamonds for the peoples of Africa. Diamonds are found in 19 African nations, and are mined in all but one of those, he said. About 60 percent of the world’s rough diamonds by value come from Africa.

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