BRITISH-LISTED miner, Vast Resources PLC (Vast) has confirmed it is now in full possession of the long-disputed historic parcel of diamonds, totalling 135 139,47 carats valued at tens of millions of United States dollars.
The average price per carat of diamonds prevailing in the market for one carat diamonds can cost anywhere from US$1 344 to US$9 170 depending on the diamond’s shape, colour, clarity and other factors.
Vast has mines and projects in Romania, Tajikistan and Zimbabwe.
“Vast Resources plc, the AIM quoted mining company, is pleased to announce that further to the announcement of April 25, 2025, regarding the successful release of the historic parcel, the company is now in receipt of the final packing list post the Kimberly Process inspection,” Vast said in a statement.
“The company is pleased to report that the sorting process has revealed an additional quantity of stones in the sealed historic parcels, the existence of which was previously unknown to the board of directors of Vast (the ‘board’) (the ‘additional parcel’).”
Vast said this additional parcel contained 6 055,35 carats of gem quality stones, which, together with the rest of the consignment, were currently in Dubai for final sorting in preparation for cleaning and further preparation for their sale.
“The total quantity of diamonds included in the historic parcel is now estimated to be 135 139,47 carats, of which an aggregate 36 475,26 carats have already been identified to be gem quality,” Vast added.
In September 2006, the Zimbabwean government challenged Vast’s mining rights, leading to a September 2009 High Court ruling confirming the miner’s title to its Marange claims, a major diamond-producing asset located in Chiadzwa, Mutare, in the Manicaland province.
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However, the Mines and Mining Development ministry appealed the High Court decision to the Supreme Court.
Consequently, the Supreme Court issued an interim order in February 2010 instructing that the diamonds seized from Vast’s offices in January 2007, following the government’s 2006 challenge, be surrendered to the Reserve Bank of Zimbabwe (RBZ) for safekeeping.
It also ordered that Vast cease all mining activities at Marange.
Last month, after years, Vast revealed it had successfully secured the release of these diamonds from the RBZ, after years of legal and administrative processes and negotiations with the current government.
“The company is in the process of selecting the first stones for cleaning and estimates that initial results will be available in the coming weeks,” Vast said.
It was revealed that the board currently anticipates that the selling process will be conducted in a phased manner to maximise value for the company and its shareholders.
