adminBusiness Correspondent
The Zimbabwe Diamond Technology Centre (ZDTC) chairman Lovemore Kurotwi says its $200 million diamond and cutting facility currently under construction has capacity to host the country’s first local diamond sale earmarked for November.
At completion the diamond technology centre will house all diamond associates ranging from miners, diamond dealers, cutters and polishers, jewellers, financial institutions and government regulatory authorities.
In an interview, Mr Kurotwi said three quarters of construction activity has been covered and the facility can host the diamond sales.
“The auction centre accommodates 38 buyers at one go and it is now ready for use especially for the envisaged government’s diamond sale in November,” he said.
Mr Kurotwi said the country did not benefit much from the auction tenders because the gems were sold from centralised places with no proper facilities.
“Only two companies participated in the tender process and sold the diamonds from their offices which do not have proper facilities but have the capacity to accommodate only one buyer at a time.
Local diamond dealers have over the years been clamouring for domestic sales, arguing that the country stood to benefit more than incurring additional costs for transporting the precious gems outside.
Zimbabwe recently held a local diamond auction but the sale did not generate much revenue.
Marange Resources sold 75 000 carats and realised about $5,2 million while Diamond Mining Company traded about 40 000 carats and realised $2,8 million selling at $70 per carat at the latest diamond auction.
According to Mr Kurotwi, the world diamond industry could generate $71 billion in finished products by 2020 of which Zimbabwe, as a major producer of diamonds, could earn about $21 billi0n annually from selling finished jewellery products.
Online Reporter