First Zim­babwe Ten­der In Dubai Achieves Record Prices

Solitaire - - SPECTRUM -

The Dubai Di­a­mond Ex­change (DDE), a DMCC plat­form, an­nounced record num­bers of sales at the in­au­gu­ral Zim­babwe di­a­mond ten­der, held from March 23-30, 2014.

The ten­der was fa­cil­i­tated by Global Di­a­mond Ten­ders DMCC in co­op­er­a­tion with the DMCC and fea­tured rough di­a­monds from An­jin, Ji­nan, DTZ, DMC, Marange Re­sources, Mbada and Kusena.

All the seven di­a­mond min­ing com­pa­nies based in the Marange district par­tic­i­pated at the in­au­gu­ral di­a­mond ten­der in Dubai, achiev­ing an aver­age price of $76 per carat which was a 5.4% im­prove­ment on the sec­ond An­twerp sale, which av­er­aged $72 per carat.

The min­is­ter of mines and min­ing de­vel­op­ment, Wal­ter Chid­hakwa, said out of a to­tal value of $29.2 mil­lion re­alised, the govern­ment earned $4.3 mil­lion from roy­al­ties. The trad­ing in Dubai saw the high­est price per carat reach­ing $5,000.

Zim­babwe is be­lieved to have 30% of the world’s di­a­mond re­serves and the trans­par­ent trad­ing is ex­pected to boost the coun­try’s liq­uid­ity po­si­tion.

The DDE has been a key sup­porter of the di­a­mond trade in Africa over the last decade and has be­come the global plat­form for which Africa can trade to con­sum­ing coun­tries in Asia and Europe.

Peter Meeus, DDE chair­man, added, “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.”

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