October 18, 2017

Zimbabwe intends to auction diamonds locally

Zimbabwe which is a mega producer of diamond is intending to start auctioning its produce soon so as to plug leakages in the sector and maximize revenue collection.

The Minister of Mines and Mining Development, Walter Chidhakwa confirmed the news and annonced that they intend to maximize sales nationally and ensure that the country benefits from the mining process.

This initiative comes after a South African company in Belgium; Amari sued Zimbabwe over US$ 500m at the International Court of Arbitration (ICC) in Paris, France over a cancelled platinum concession dispute with the Zimbabwe Mining Development Corporation (ZMDC). The case is still in court.

Zimbabwe began auctioning diamonds in Dubai and Belgium in December of last year. Authorities anticipate that localizing the auctions will help boost other industries as well.

The country had previously intended to sell diamonds locally though had to abandon the project due to poor infrastructure.

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