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Zimbabwe to Hold First Diamond Sale in a Year

Auctions had paused during a restructuring period.
Feb 25, 2018 4:30 AM   By Rapaport News
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RAPAPORT... Zimbabwe Consolidated Diamond Company (ZCDC) will auction 1.56 million carats of diamonds over the next two months, its first sales in a year, Reuters reported Thursday.

The state-owned miner last held a sale in March 2017, before halting trading while it restructured. The auctions — which will take place in March and April — will come from the stockpiles ZCDC has accrued since then. The company plans to use this as a starting point, after which it will hold regular sales.

“Thereafter, from current production, [the] government anticipates ZCDC to have regular tenders throughout 2018,” Reuters quoted Mines Minister Winston Chitando as saying.

A recent ZCDC test sale garnered $829,000, with buyers from Belgium, Dubai, Botswana and South Africa among the attendees, Chitando continued.

The government of Zimbabwe set up the ZCDC in December 2015, after which it declined to renew the mining licenses of seven companies that previously operated at the site, according to a September report by Global Witness, a non-profit organization.

In December, the Zimbabwe government announced plans to relax its indigenization law, which states that foreign companies operating in the country must be majority-owned by local black people. However, the rules will still apply to the diamond and platinum industries.
Tags: diamond, Global Witness, indigenization, Rapaport News, Reuters, Winston Chitando, ZCDC, Zimbabwe, Zimbabwe Consolidated Diamond Company
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