Zimbabwe's government will soon lift its ban on diamond exports and expects to trade more than 4 million carats from the controversial Marange fields.

Mines minister Obert Mpofu, last month stopped all diamond exports, including from Rio Tinto's Murowa mines and the privately owned River Ranch, until stones from the government's Marange fields were certified by industry regulators.

Last week, a monitor appointed by the Kimberley Process Certification Scheme (KPCS) to assess the government's mining operations at Marange said Zimbabwe had met the minimum conditions set by the industry regulator and could start gem exports.

A local newspaper quoted Mpofu saying Zimbabwe would now lift the diamond export ban and begin the auction of its own gem stockpile of 4 million carats, which the paper said could be worth up to $1.7 billion.

The government has partnered South African companies, Grandwell Holdings and Core Mining, to mine the Marange diamonds in two 50-50 joint ventures.

Zimbabwe came under international spotlight following reports of widespread atrocities in Marange, and the government agreed to a process of assessment by the KPCS.

Credit: Reuters