Business / Economy
Zimbabwe to hold second local diamond auction in February
22 Jan 2015 at 15:21hrs | Views
Zimbabwe is set to hold its second local diamond auction at the beginning of next month in a move to maximize diamond revenue, a Ministry Of mines official has said.
Permanent secretary of Mines and Mining Development Professor Francis Gudyanga told BH24 that the second local diamond auction will "definitely" be held next month, although the exact dates are yet to be determined.
"I am yet to confirm the actual date of the auction but we are certainly going to have an auction of diamonds locally beginning of February," he said.
The first local diamond auction was held last year in November and it attracted a large number of buyers both locally and internationally.
At least 400 buyers and 133 companies attended Zimbabwe's first local diamond auction.
About 300 000 carats of diamonds went under the hammer at Zimbabwe's first full-scale local diamond auction as the authorities intensified efforts to grow the industry locally.
Zimbabwe produces about six million carats of diamonds, most of which are exported raw to Europe and Asia for cutting, polishing and auction.
Zimbabwe has been influenced to shift diamond auctions from Europe and the UAE to locally due to the need to maximise diamond revenues.
And there is also the case of a seizure of Zimbabwean diamonds worth more than $75 million in Antwerp, Belgium, over two state debts worth $45 million.
Zimbabwe has already conducted 4 diamond auctions outside the country; three at the Belgium-based Antwerp World Diamond Centre (AWDC) and one in Dubai, earning over $110 million.
Johan Erikson, managing director of Botswana diamond marketing firm First Element who were the organisers of the first local auction has advised Zimbabwe (which had 12 diamond viewing rooms for that first one) to build more permanent tendering facilities in Harare and for companies to bring in more gems if they run out during an ongoing auction.
Currently the country has constructed a centre for diamond cutting, in a move meant to increase the harnessing of local gems and creating a reliable market for the diamonds.
Permanent secretary of Mines and Mining Development Professor Francis Gudyanga told BH24 that the second local diamond auction will "definitely" be held next month, although the exact dates are yet to be determined.
"I am yet to confirm the actual date of the auction but we are certainly going to have an auction of diamonds locally beginning of February," he said.
The first local diamond auction was held last year in November and it attracted a large number of buyers both locally and internationally.
At least 400 buyers and 133 companies attended Zimbabwe's first local diamond auction.
About 300 000 carats of diamonds went under the hammer at Zimbabwe's first full-scale local diamond auction as the authorities intensified efforts to grow the industry locally.
Zimbabwe produces about six million carats of diamonds, most of which are exported raw to Europe and Asia for cutting, polishing and auction.
Zimbabwe has been influenced to shift diamond auctions from Europe and the UAE to locally due to the need to maximise diamond revenues.
And there is also the case of a seizure of Zimbabwean diamonds worth more than $75 million in Antwerp, Belgium, over two state debts worth $45 million.
Zimbabwe has already conducted 4 diamond auctions outside the country; three at the Belgium-based Antwerp World Diamond Centre (AWDC) and one in Dubai, earning over $110 million.
Johan Erikson, managing director of Botswana diamond marketing firm First Element who were the organisers of the first local auction has advised Zimbabwe (which had 12 diamond viewing rooms for that first one) to build more permanent tendering facilities in Harare and for companies to bring in more gems if they run out during an ongoing auction.
Currently the country has constructed a centre for diamond cutting, in a move meant to increase the harnessing of local gems and creating a reliable market for the diamonds.
Source - BH24
