Zimbabwe is set to officially launch the sale ofits diamond stocks on Wednesday (August, 11) in Harare buoyed by the Kimberly Process ruling in July , Mines Minister Obert Mpofu has announced.

KP monitor, Abbey Chikane is set to attend the ceremony.

“The launch of the diamond sales will be made on Wednesday,” Mpofu said. “President Robert Mugabe will also attend as guest of honor.”he said.

Zimbabwe has stockpiled more than 4.5 million carats of roughdiamonds since the start of the year, which officials say could fetch thecountry up to $1.7 billion, nearly 80 percent of Harare’s $2.2 billion budget for 2010.

International buyers have already submitted their bids to government.

Although Zimbabwehas four diamond mines operating, gems originating from Marange being mined byMbada and Canadile have been a source of discontent on the international marketas a result of purported human rights abuses at the diamond fields.

In July Zimbabwe was granteda green light to sell its diamonds by the Kimberley Processes at a meeting in Russia.

Under the agreement reached between the KP and Zimbabwe, Hararewill be allowed to conduct two supervised exports of rough diamonds from theMarange production by September.

Chikane, a South African diamond executive, is expected to visit Zimbabwe duringthe week beginning September 6 to certify the second supervised export.

The KP Monitoring Committee will use a report compiled by review missionthat will include Chikane to formulate a position regarding future exportsafter the two initial sales.

Chikane has in a previous report compiled in June given the Marangeoperations a clean bill of health, saying Zimbabwe has met KP mining standardsand was “on track” to start trading in rough diamonds.

Zimbabwe has been sitting on its diamond fortune since the KPthat regulates the world diamond trade last November banned exports of theMarange stones following reports of gross human rights violations and smugglingby soldiers guarding the alluvial mines.

The Russia meetingcame after an earlier KP meeting in Israelin June failed to reach consensus on recommendations by Chikane that Zimbabwe beallowed to export the Marange gemstones because the country had met allconditions set by the regulator.