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Weekend Argus (Saturday Edition) - - BUSINESS -

Zim­babwe di­a­monds cut no ice in Bel­gium

HARARE: Zim­babwe’s first di­a­mond auc­tion in Bel­gium got off to a slow start this week with most of the 279 723 carat gems be­ing of low qual­ity and not prop­erly cleaned, a se­nior gov­ern­ment of­fi­cial said .

The Zim­babwe mines min­istry’s per­ma­nent sec­re­tary, Fran­cis Gudyanga, said di­a­monds from five com­pa­nies op­er­at­ing in the east­ern Marange area had been sold for $10.7 mil­lion (R111m), of which 15 per­cent went to the gov­ern­ment as roy­al­ties. DAKAR: Africa’s ef­forts to sup­ply more of its boom­ing de­mand for fuel are be­ing dashed by fierce com­pe­ti­tion from for­eign oil re­fin­ers and traders flood­ing the $80 bil­lion (R850bn) mar­ket with im­ports.

African gov­ern­ments want more oil re­finer­ies to cut fuel im­port bills and get bet­ter value from the con­ti­nent’s own crude.

But the in­vestors they so badly need are ei­ther with­draw­ing or shift­ing their fo­cus to trad­ing or stor­age to take ad­van­tage of the re­gion’s de­mand growth of around

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