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Zimbabwe's diamond stash to rake in millions

by Staff Reporter
05 Jul 2020 at 09:42hrs | Views
The Minerals and Marketing Corporation of Zimbabwe (MMCZ) has said it is getting ready to sell the country's diamond stockpile of over one million carats, in a move expected to boost the country's coffers with the much-needed foreign currency, the Sunday Mail Reported.

According to the publication, the country is set to earn up to US$100 million from the sale of its diamond stash.

MMCZ managing director Mr Tongai Muzenda told the state media that the country has "quite a substantial stockpile to sell. Anytime soon we will be able to sell the diamonds. We have received a number of inquiries and we are looking at all the offers and choosing the best option for us to get the most from our diamonds."

Mr Muzenda said initially, the MMCZ had wanted to sell the diamonds in February this year, but the parcel was recalled.

"In February we did not get the prices that we were expecting. We recalled the parcel. Because of the coronavirus, there was not much that we could do in terms of marketing the stones but now that lockdowns around the world are easing, we are in a position to sell and the offers that we are receiving are quite impressive."

This comes as the Zimbabwe Consolidated Diamond Company (ZCDC) has made progress in establishing diamond operations in Chihota communal lands, Marondera, after applying for an Exclusive Prospecting Order (EPO) to mine the precious stones.

Diamonds have been identified as one of the key minerals expected to back Government's vision for the mining sector to contribute US$12 billion to the economy by 2023.

At its peak in 2012, Zimbabwe's diamond sector produced 12 million carats.

Source - Sunday Mail