RapNet


Rapaport News

 

Mining

 
Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

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
PetraPetra Forced to Halt Production in South Africa
Dec 10, 2019
Petra Diamonds has had to put operations on hold at itsthree South...
Alrosa Identifies Potential New Diamond Resources
KP Gives CAR More Export Freedom
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