Trans-Atlantic Gem Sales (TAGS) has dismissed what it calls “false and misleading allegations” circulating in some media outlets over its appointment to market the country’s rough diamonds under a new international sales partnership.
In a statement, the Dubai-based diamond tender house said claims that it was financially unstable, that no due diligence was done and that the agreement with the Zimbabwe Consolidated Diamond Company (ZCDC) and the Minerals Marketing Corporation of Zimbabwe (MMCZ) was reckless are entirely false, defamatory and misleading.
“TAGS was selected through a structured, transparent and fully compliant process jointly administered by ZCDC and MMCZ. All procedural, financial and legal requirements were satisfied and full ministerial approvals were obtained before the partnership was finalised,” the company said.
The company said its appointment followed Zimbabwe’s formal tender procedures supported by all required board resolutions and legal clearances.
TAGS said any suggestion of shortcuts or lack of oversight is completely untrue and easily disproved by official documentation.
Before signing the agreement, TAGS said it submitted a comprehensive due diligence package including audited financial statements, tax compliance records and references from previous partnerships dating back to 2017.
ZCDC and MMCZ representatives later visited TAGS’ Dubai headquarters to verify the company’s operational and financial capacity, a visit TAGS said reaffirmed their strong operational base and transparent sales platform.
Dismissing reports that portrayed it as financially weak, TAGS said its audited statements show assets far exceeding liabilities, citing a robust and solvent balance sheet and ownership of a purpose-built diamond tender facility in Dubai.
“The portrayal of TAGS as a financially unstable entity is false and appears based on selective or inaccurate data,” the statement added.
TAGS also detailed strict financial controls in the tripartite arrangement stating that the company holds no ownership rights over the diamonds.
All proceeds, it said are paid into a joint-signatory bank account requiring written authorisation from ZCDC for any transaction.
“These safeguards eliminate any financial exposure and align with international best practices for state mineral marketing,” TAGS said.
The company criticised what it described as unverified and distorted reporting from certain outlets accusing unnamed parties of trying to undermine a legitimate government partnership.
“Such misinformation damages TAGS’ reputation and undermines confidence in Zimbabwe’s efforts to modernise and bring transparency to its mineral marketing systems,” the firm said.
Since its establishment in 2017, TAGS says it has facilitated billions of dollars in rough diamond sales across Africa and the UAE.
The company reaffirmed its commitment to transparency, accountability and protecting Zimbabwe’s mineral value.
“We remain steadfast in supporting the continued growth and credibility of Zimbabwe’s diamond sector.
“We thank ZCDC, MMCZ and the Government of Zimbabwe for their confidence and partnership,” TAGS said.
