Industry News by Nemesis

Zimbabwe Conducts Third Diamond Auction for 316,000 Cts

September 11, 2019

Zimbabwe’s state-owned Minerals Marketing Corporation (ZMCC) is conducting a diamond auction of 316,000 carats in Harare, according to media reports.


The diamonds were produced by Zimbabwe Consolidated Diamond Corporation, which has operations in Marange and Chimanimani.


MMCZ general manager Tongai Muzenda said the auction will close at the end of the week.


“This is the third auction we have conducted this year as there were some administrative issues which were taking place within the organization," he was quoted as saying by Bloomberg.


The auction has attracted buyers from Belgium, Dubai, India, Israel and South Africa.


However, Muzenda declined to name the companies bidding, citing confidentiality.


Zimbabwe expects to produce 4.1 million carats of diamonds this year compared with 2.8 million carats in 2018. 

 

Source: Rough&Polished

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