ZIMBABWE’S diamonds have earned strong endorsement from the leadership of the Dubai Multi Commodities Centre (DMCC), after more than 500 000 carats of rough stones from the Zimbabwe Consolidated Diamond Company (ZCDC) were showcased at a major sale in Dubai.
ZCDC, which operates under the Mutapa Investment Fund, recently appointed Dubai-based Trans Atlantic Gem Sales (TAGS) as its second international tender house mandated to facilitate the auctioning of the company’s rough diamonds.
The state-owned miner currently sells its diamonds through two international channels — Taurum Group and TAGS. Under Zimbabwean law, local diamond producers must reserve 10% of their production for domestic buyers.
“As one of the most active participants in the Dubai Diamond Exchange, TAGS remains a cornerstone of our precious stones ecosystem, consistently delivering the scale, transparency and professionalism that global buyers and suppliers expect,” DMCC executive chairman Sultan Ahmed Bin Sulayem revealed in a recent post on X (formerly Twitter).
“Whilst we witnessed a high level of attendance from specialist manufacturers at the current event featuring Zimbabwean goods, we also discussed the sustained appetite for high-quality rough diamonds, as evidenced by the strong activity and prices achieved at TAGS’ recent tenders.
“Preparations are already well underway for their next sale in April, which will feature an impressive selection of high-quality rough diamonds from Southern Africa, including several exceptional single stones and fancy colour diamonds.”
Keep Reading
- ZCDC scouts global markets
- Zimra garnishes gem miner’s bank accounts
- Zcdc tightens security
- Corruption watch: Marange is crying out for peace
TAGS operates across five strategic locations in three key diamond-producing and trading countries — the United Arab Emirates, South Africa and Angola. Its headquarters and main tender facility are in Dubai, now regarded as the world’s leading rough diamond trading hub.
ZCDC runs two open-pit mining operations in Chiadzwa and Chimanimani. The company was established in 2016 after the government ordered the closure of several mining firms operating in the diamond-rich areas, citing accountability concerns and possible revenue leakages.
“Seeing the engine room of the diamond trade operating at such high capacity was a fitting reminder of where this industry has anchored itself. Since becoming the world’s leading rough diamond trading hub in 2021, Dubai has continued to strengthen its position at the centre of the global diamond trade, with more than 1,06 billion carats of rough and polished diamonds traded through the emirate over the past five years,” Sulayem added.
“In an era of shifting supply chains and evolving trade corridors, the reliability of partners such as TAGS is precisely what sustains that position. Dubai does not simply participate in the global diamond trade. It sets the terms for it.”
Trade between Zimbabwe and the United Arab Emirates has strengthened over the past five years, with gold and diamonds accounting for the bulk of mineral exports to the Gulf state.
Official data from Zimbabwe’s statistics agency shows that gold and rough diamonds are among the country’s top exports to the UAE. —Staff Writer.