The 129,400-carat parcel, seized by the Reserve Bank of Zimbabwe (RBZ) in 2010 during a legal dispute, was released this month following a High Court ruling in 2023 and a subsequent settlement approved by the government in 2024. The diamonds, untouched for over 15 years, were originally linked to Vast’s claims in the Marange diamond fields, where its rights were revoked by the government in 2006.
Vast, which was then operating under the name African Consolidated Resources, had surrendered the diamonds to RBZ during the litigation process. With the handover now complete, the company says the resolution marks a milestone both for its business and for Zimbabwe’s image as an investment destination.
“This release of the historical diamond parcel not only represents a landmark success for the company, but underlines that Zimbabwe is truly open for business for companies that wish to comply with due process,” Vast said in a statement.
While the exact market value of the stones has yet to be confirmed, management says preliminary inspections suggest results “exceed expectations.” Once cleaned and revalued, the parcel will be prepared for sale, with about 20% of the proceeds set aside for royalties, legal fees, marketing, and payments to the state-run Minerals Marketing Corporation of Zimbabwe.
The resolution could pave the way for Vast’s renewed engagement in Zimbabwe’s mining sector. The company previously held the Pickstone and Eureka gold mines through its Dallaglio subsidiary before selling the assets to Padenga Holdings in 2019 to focus on diamonds.
In 2018, Vast attempted a joint venture with community trust Red Mercury to explore new Marange concessions, but protracted legal disputes stalled progress. Now, CEO Andrew Prelea says the company is once again pursuing new opportunities.
Vast also operates projects in Romania and Tajikistan, but the company has consistently signalled that Zimbabwe remains central to its long-term diamond ambitions.