Zimbabwe resumes monthly diamond auction sales

By Stanley James

Business Editor

ZIMBABWE is set to resume monthly diamond auction sales in April raising hopes for the mineral commodity’s contribution to the US$12 billion mining economy by 2023.

Zimbabwe Consolidated Diamond Company (ZCDC) Chief Executive Officer, Mark Mabhudhu revealed that the monthly auction sales were halted by Covid-19 induced international travel restrictions last year.

He, however, disclosed that modalities have been put in place for the auction sales to resume in April.

“The resumption process is now in full gear and we are ready to ensure the smooth take-off by next month, remember it had been stopped due to the Covid – 19 pandemic that also had a negative impact in terms of travelling logistics for our global buyers,” he said.

The resumption of the auction sales is expected to provide a litmus test on the viability of the country’s diamond value chain.

“Remember the diamond mining industry has its fair share in terms of growth such that its sustainability hinges on the ability of the auction to generate lucrative earnings from the potential buyers across the globe,” said Mabhudhu.

The ZCDC, which is the country’s biggest diamond miner revealed in a report that it produced more than four million carats of the precious gems last year, up from two comma three million carats in 2020.