Petra Diamonds' shares crash as Tanzania seizes exports

Shares in a London-listed mining firm fell as much as 24% on Monday after officials in Tanzania prevented it from exporting diamonds from the east African country. Petra Diamonds said in a statement that a parcel of 71,600 carats of diamonds from its Williamson mine in Tanzania had been seized by the authorities, apparently because of a dispute over their value. The company was planning to ship them to its offices in Antwerp, Belgium -- the center of the global diamond trade. The stock market slump initially wiped about $160 million off the value of the company. The shares recovered some of their early losses to trade 10% down by mid morning London time. Petra said the diamonds are worth $14.7 ...

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