Industry News by Nemesis

Zim Third Diamond Auction Attracts 25 Firms

September 22, 2019

Zimbabwe’s third diamond auction for the year, which concluded last week, attracted 25 companies from the 28 that had been invited, according to a state minerals marketing company cited by a local daily.


The Minerals Marketing Corporation of Zimbabwe (MMCZ) general manager Tongai Muzenda could not provide tender results as he said they are currently working on the bids made by the prospective buyers.


Zimbabwe had placed 316 000 carats under the hammer during the auction that was opened on September 9.


The diamonds were produced by State-owned Zimbabwe Consolidated Diamond Company.
The auction attracted buying interest from Belgium, Dubai, India, Israel and South Africa.


MMCZ invited seven international diamond buyers last June to participate in a private sale of about 2 million carats.


This was after the country had deferred the sale of diamonds so as to understand processes and procedures involved in diamond marketing.


Zimbabwe expects to produce 4,1 million carats of diamonds this year up from 2,8 million carats in 2018.

 

Source: Rough&Polished

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