Industry News by Nemesis

Zimbabwe Eyes $235m in Diamond Exports

March 6, 2018

The Minerals Marketing Corporation of Zimbabwe (MMCZ) said the country is expected to rake in $235 million from the shipment of diamonds this year. 


MMCZ acting general manager Masimba Chandavengerwa was quoted by the Herald newspaper as saying at a mining conference in Harare that the projected diamond revenue would contribute towards the $2 billion they are expecting in mineral exports excluding gold in 2018, up from $1,6 billion, a year earlier. 


Zimbabwe sold diamonds worth $84,2 million last year, according to the state-owned company. 


The Zimbabwe Consolidated Diamond Company (ZCDC) conducted a test sale three weeks ago, which earned the country $829,000. 


Mines minister Winston Chitando recently told Reuters that the state diamond company would auction 1.56 million carats of diamonds over the next two months, the first time since March 2017 that the country was conducting such sales. 


ZCDC was targeting to boost output to 3 million carats this year and 4 million carats next year. 
It produced 1,8 million carats of diamonds last year from 961 000 carats in 2016. 


Meanwhile, Chandavengerwa said the country had been registering growth in chrome ore and high carbon ferrochrome activities. 


“We have seen phenomenal growth in those areas and most of the (platinum group of metals) PGMs. We have seen at least a lot of gold there and chrome is coming on board,” he said. 
 

Source: Rough-Polished

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