BusinessPetra punished as diamond export ban bitesPetra Diamonds: The miner said a parcel of gems from a mine it co-owns in Tanzania has been blocked from export Philip MostertJoanna Hodgson11 September 2017Shares in Petra Diamonds lost their sparkle on Monday as the miner revealed it has halted production at one of its sites after the Tanzanian government blocked the export of a parcel of diamonds.The FTSE 250 firm said the shipment of 71,654 carats of gems was blocked from export to Petra’s marketing office in Antwerp, which is where the final valuation of diamonds is confirmed. It added that the grounds upon which the action was taken “have not been formally made known to the company as yet”.It said the authorities were questioning some personnel from the Williamson mine, which is 75% owned by Petra, and 25% owned by the government.The shares tanked 8.4p, or more than 9%, to 81.55p.Read MoreWH Smith hire turnaround veteran with package that could be worth £25mBlue Posts boss: If opening a pub becomes so risky, people just won't do itHow to get a free diamond ring from H. SamuelSponsoredWinter escapes and activities to end the year in style Petra’s update followed reports that Tanzania is threatening to nationalise the consignment after finding it was worth more than the company claimed.Petra said today it is not responsible for the valuation of diamonds before they are exported to Antwerp. The government of Tanzania has recently tightened its control over its natural resources, and is locked in a battle with London-listed Acacia Mining. MORE ABOUTdiamondspetra diamonds
