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Zimbabwe Plans to Hold Ten Rough Diamond Auctions in 2019

Jan 10, 2019

The Minerals and Marketing Corporation of Zimbabwe (MMCZ), the apex government body that coordinates sales of minerals mined in the country, excepting gold and silver, has said that it plans to conduct ten rough diamond auctions during 2019, according to media reports.

This is twice the number of auctions that the body conducted in 2018, the reports added, which were attended by buyers from Middle East, Europe and Africa.

MMCZ was reported to have confirmed the number of auctions over the year, while stating that the exact schedule was being finalised in consultation with the Zimbabwe Consolidate Mining Company (ZCDC).

The reports indicate that Zimbabwe has a stockpile of over 3 million carats of rough, and that doubling the number of auctions held last year will ensure that most of this gets sold. It will also bring in higher revenue for the government.

The MMCZ announcement comes soon after the government revealed its New Diamond Policy under which only ZCDC, Murowa Diamonds and two other selected companies, whose names are yet to be confirmed, will be permitted to carry out diamond exploration and mining activity in the country.

In addition, the government has also sought to increase value addition. As a first step, ZCDC is setting up a Diamond Value Management Centre for cleaning, sorting and valuation of all rough mined in the country. This does not include diamonds extracted by Murowa Diamonds, currently the only active private player involved in diamond mining sector within the country.

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