Zimbabwe rakes in $70 million from diamond sales

A single carat was being auctioned at an average price of US$72.90.

Six mining companies contributed to the 959 931 carats which went under the tender procedure in Belgium, attracting 167 clients during the 10-day period.

In a statement, the Minister of Mines and Mining Development, Cde Walter Chidhakwa said for the total revenue generated, US$10.5 million goes to the treasury from royalties.

Among the 959 931 carats, there were two diamonds, one with 14.1 carats fetching US$18 400, while another 13.1 carat stone was sold at US$15 000.

Minister Chidhakwa said the success of the tender and the high price per carat was achieved due to the decision to clean a proportion of the diamonds which resulted in many categories being upgraded to higher value.

He added that in future, all goods will in future require cleaning prior to valuation.

According to a statement, out of the six miners, five of them resembled the diamond footprint compared to the first sale in which only two firms conformed to the footprint.

According to statistics made available, there is more that the country needs to do to ensure maximum value is derived from the trading of Marange diamonds as some countries are fetching as high as US$552 per carat.

The first trading of Marange diamonds in Europe late last year raked in US$9 800 037 from 277 000 carats.

Treasury received US$1.3 million in royalties during the inaugural auction.