First Zimbabwe Tender In Dubai Achieves Record Prices
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.”