ZCDC to start auctioning diamonds in major global cities

By ZBC Reporter
THE Zimbabwe Consolidated Diamond Company(ZCDC) will with effect from next year start auctioning diamonds in major Asian and European cities to increase diamond revenue.
The local Diamond auctions have only attracted middlemen and sometimes dubious buyers because Harare is not an international buyer of choice, therefore, the Zimbabwe Consolidated Diamond Company ZCDC plans to have a debut diamond auction in 2020 outside the country including in Asia to increase revenue.
Deputy Minister of Mines and Mining Development, Polite Kambamura said the move would see the country attain a US$12 billion mining sector by 2030.
“The move is meant to ensure that we attain US$ 12 billion mining sector by 2030 and the diamond as a mineral should contribute one billion dollars by that time,” she said.
The move will see ZCDC joining the likes of De-Beers and Alrosa who have been auctioning diamonds for some time. The Minerals and Marketing Corporation of Zimbabwe will flight the tenders.
In 2012, Zimbabwe sold 12 million carats and the figure plummeted to just under 4.8 million in 2018 due to various marketing hurdles.

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