Business / Economy
Zim sells 380 000 carats (diamonds) in Dubai
04 Apr 2014 at 19:32hrs | Views
Zimbabwe sold 380 000 carats at the Dubai tender raking in US$29.2 million.
All the seven diamond mining companies in Marange participated at the inaugural diamond tender in Dubai, achieving an average price of US$76 per carat which was a 5.4 percent improvement on the second Antwerp sale which achieved US$72 per carat.
In a statement, the Minister of Mines and Mining Development, Walter Chidhakwa said out of a total value of US$29.2 million realised, government earned US$4.3 million from royalties.
He said the Dubai tender was attended by 101 companies which was less than the 167 companies who attended the Antwerp tender last month.
The trading in Dubai saw the highest price per carat reaching US$5 000 and government said the main objective of undertaking the international tenders is to assist the nation to get experience in conducting such tenders as plans are underway for the holding of an international tender in Harare before the end of the year.
Zimbabwe is believed to have 30 percent of the world's diamond reserves and the transparent trading is expected to boost the country's liquidity position.
According to Chidhakwa, another tender facility is expected in the next four weeks though the market is yet to be identified.
All the seven diamond mining companies in Marange participated at the inaugural diamond tender in Dubai, achieving an average price of US$76 per carat which was a 5.4 percent improvement on the second Antwerp sale which achieved US$72 per carat.
In a statement, the Minister of Mines and Mining Development, Walter Chidhakwa said out of a total value of US$29.2 million realised, government earned US$4.3 million from royalties.
He said the Dubai tender was attended by 101 companies which was less than the 167 companies who attended the Antwerp tender last month.
The trading in Dubai saw the highest price per carat reaching US$5 000 and government said the main objective of undertaking the international tenders is to assist the nation to get experience in conducting such tenders as plans are underway for the holding of an international tender in Harare before the end of the year.
Zimbabwe is believed to have 30 percent of the world's diamond reserves and the transparent trading is expected to boost the country's liquidity position.
According to Chidhakwa, another tender facility is expected in the next four weeks though the market is yet to be identified.
Source - ZBC
