Business / Economy
Zimbabwe diamond exports sharply declines
07 Oct 2014 at 19:52hrs | Views
INDUSTRIAL grade diamonds dominate Zimbabwe's gem exports, although sales sharply declined to $188 million in 2013 from nearly $658 million in the previous year.
The decline was due to weakening demand from the United Arab Emirates, China and Belgium as mining companies in Marange scaled down operations, according to trade data.
The figures indicate that rough industrial diamonds export to the UAE and China more than halved to $127 million and $30 million, respectively, while the sale of the gems to Belgium also fell to $30 million from $83 million.
Zimbabwe will hold local diamond sales next month after conducting four diamond auctions outside the country; three at the Belgium based Antwerp World Diamond Centre (AWDC) as well as in Dubai.
The third sale of diamonds amounting to 500,000 carats, closed in Belgium last month.
Belgian authorities last month seized Zimbabwean diamonds awaiting an auction in Antwerp following a court order giving a South African mining company the right to be compensated for a lost concession.
About 500,000 ounces worth roughly $45 million and belonging to companies with Zimbabwean state shareholdings were seized on September 12 following an attachment order obtained by Amari Holdings to enforce a ruling in a Paris-based court of arbitration.
The decline was due to weakening demand from the United Arab Emirates, China and Belgium as mining companies in Marange scaled down operations, according to trade data.
The figures indicate that rough industrial diamonds export to the UAE and China more than halved to $127 million and $30 million, respectively, while the sale of the gems to Belgium also fell to $30 million from $83 million.
The third sale of diamonds amounting to 500,000 carats, closed in Belgium last month.
Belgian authorities last month seized Zimbabwean diamonds awaiting an auction in Antwerp following a court order giving a South African mining company the right to be compensated for a lost concession.
About 500,000 ounces worth roughly $45 million and belonging to companies with Zimbabwean state shareholdings were seized on September 12 following an attachment order obtained by Amari Holdings to enforce a ruling in a Paris-based court of arbitration.
Source - online
