When the truth finaly hits home sadly it will be to late
News From Africa
In 2013 alone, price manipulations due to transfer pricing generated in excess of $1,6 billion in profits for diamond companies in the UAE, and represents a major deprivation for African treasuries which lost much needed tax revenues that could have funded public service, says report.
By Staff Writer
A report shows Zimbabwe lost about $770 million in potential revenue between 2008 and 2012 through undervaluation and transfer pricing of its gems from the Marange diamond fields.
Report by Partnership Africa Canada on illicit financial flows in the diamonds industry said the gems were being exported to the United Arab Emirates (UAE), mostly Dubai.
The report was on the agenda of the just-ended Kimberly Process Certification Scheme (KPCS) Intersessional meeting in Shanghai, China and was presented by PAC’s research director, Alan Martin.
The three-day meeting ended Thursday June 12.
Report says that, the UAE allegedly imported Zimbabwean diamonds…
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