Rapaport News




Advanced search
Latest Articles
Rough Markets
Polished Markets

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
Print Print Facebook Facebook Twitter Twitter Share Share

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
Similar Articles
StornowayStornoway to Lose Stock-Exchange Listing
Sep 22, 2019
The Toronto Stock Exchange is set to delist StornowayDiamond Corporation following...
Karowe Yields Two Massive Stones
Gem Diamonds Unearths 127ct. Rough
Sentiment Cautious as Hong Kong Show Starts
PetraPetra’s Loss Widens in Weak Market
Sep 16, 2019
Shares in Petra Diamonds slipped 7% in early trading Mondayafter the miner...
De Beers Finds Buyer for Namibia Mine
Nurturing the Next Generation of Diamantaires
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us