Swaziland Warns Public Against Alleged Canadian Diamond Scheme

Canadian Diamond Traders (CDT), a Canada-based loose diamond wholesale distributor, is under investigation in Swaziland for operating illegally and running a get-rich-quick pyramid scheme.

Allegations Against CDT

• The Swazi Observer reports that CDT, which operates locally through its affiliate CDT – Diamond Africa, does not hold a valid license from the Department of Geology and Mines, a requirement for all mineral traders in Swaziland.
• The company has not registered its business dealings with the Ministry of Enterprise and Employment nor obtained a trading license.

Millionaire Promises

• CDT has been described as a diamond investment company but is accused of defrauding hundreds of Swazis with promises of turning them into millionaires in return for upfront cash payments.

Response from CDT Directors

• Sicelo Sibisi, Arlindo Tembe, and Raymond Hlophe, directors of Diamond Africa, have obtained a brokering license from the Swazi government and confirmed they are dealing with genuine GIA-certified diamonds.
• They refrained from making millionaire promises and urged individuals to work hard to become successful in business.

Government Warning

• Minister of Enterprise and Employment, Lutfo Dlamini, urged the public to exercise caution concerning deals with CDT.
• He stressed that the company is relatively unknown to the government and cannot vouch for its operations.
• Dlamini challenged CDT to have a transparent discussion with the government about their business dealings and revealed their sources of diamonds.

CDT’s Response

• CDT is yet to respond to the allegations.

Caution to the Public

• This article serves as a reminder to the public to independently verify any business dealings before making large financial commitments.