Zim holds third diamond auction

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ZIMBABWE is this week holding its third diamond auction where over 400 000 carats are expected to be sold.

BY VICTORIA MTOMBA

Foreign buyers are already in the country for the auction which began on Monday and is expected to end next
Monday.

The Mineral Marketing Corporation of Zimbabwe is handling the diamond sales.

Zimbabwe, estimated to have 25% of the world’s diamond reserves, started to sell its diamond locally last year.

Diamond companies in the country include, Marange Diamond, Anjin Investments, Gye Nyame, Mbada Diamond, Diamond Mining Company and Rio Tinto’s Murowa mine in south central Zimbabwe.

The government is currently working on plans to merge diamond mining companies in Marange as part of efforts to enhance accountability and transparency in the mining of the gems.

The diamond sector is currently facing serious viability challenges and production has been on a decline in the past years.

The country has been selling its diamonds in Antwerp and last year some of the gems were seized at Antwerp World Diamond Centre (AWDC), but later returned.

The country received a final instalment of 500 000 carats of diamond that was seized at AWDC and $29 million in January this year.

Zimbabwe sold diamonds to other markets to gain experience for the local auctions.

The country now has local diamond and polishing companies that are adding value to the country’s diamond sector.

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