Diamonds In The Rough?

[dgridley]

The eyes of the industry are firmly focused upon Liberia as the West African country is being welcomed back to the fold of diamond producing nations after years of UN sanctions kept it in isolation.

While the ability to export diamonds again will clearly give Liberia's economy a much needed boost -- the World Fact Book cites that some 80 percent of the population was living below the poverty line in 2002 -- it is still unclear how big or "diamond rich" the country really is.

http://www.diamonds.net/news/NewsItem.aspx?ArticleID=17589

I've never understood the attraction for diamonds beyond their industrial uses.. certainly other gemstones (to me) are more attractive.. I love rubies and emeralds and would much prefer those as a gift than a diamond.

 

[Rudy]

This is very interesting. As an Economics & Community Development major and having just finished my sophomore year here at Covenant College, we study the third world quite extensively, and what goes into making developing countries successful.

Liberia certainly has high potential here. But hard questions need to be asked, answered, and acted upon: What is the potential for government corruption? What is the potential of political instability or civil war as a result of sudden flows of money opening up?

Finally, on a different note (but still one that I think is very important for the economy and government of Liberia to consider) is that of the extent to which forced and child labor could be used in the mining of diamonds. Mining is not easy work, and it is dangerous. Some places in Africa have been notorious for slave labor.

Best of luck to Liberia!

 

[dgridley]

Obviously you make some good and valid points..

 

[bizwiz]

I would prefer gold to diamonds. Its corruption and unequal wealth distribution is what ails Liberia.