Monday, April 7, 2014

Zimbabwe Diamond Tender in Dubai Achieves $29M

The Dubai Diamond Exchange (DDE) reported that its inaugural Zimbabwe diamond tender, which was held from March 23 to 30,  achieved a sales total of $29.2 million at an average price of $76 per carat.  The highest price per carat reached $5,000, according to the DDE. The rough diamond tender was facilitated by Global Diamond Tenders in cooperation with the Dubai Multi-Commodities Centre (DMCC) and included diamonds from Anjin, Jinan, DTZ-Ozgeo, Diamond Mining Company (DMC), Marange Resources, Mbada Diamonds and Kusena.

Zimbabwe's Mine's Minister, Walter Chidhakwa said the tender earned $4.3 million for the government through royalties.

Peter Meeus, the chairman of the DDE, said, “The DDE has and will continue to support African diamond markets by ensuring the appropriate infrastructure is available to facilitate the trade between producing and consuming nations. We are extremely pleased with the high prices that were reached and stand ready to assist the government of Zimbabwe in future initiatives.”The Minerals Marketing Corporation of Zimbabwe  (MMCZ), Zimbabwe Mining Development Corporation (ZMDC), Marange Resources and Mbada Diamonds are listed on the U.S. Office of Foreign Assets Control (OFAC), which means that U.S. residents and businesses may not trade or purchase diamonds in any form from  these firms.

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