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ZIMBABWE has invited small and medium diamantaires from Surat to participate in the auctions for rough diamonds worth 12 million carats to be carried out throughout the year.The Antwerp World Diamond Council (AWDC), which has partnered with the Zimbabwean government for selling its diamond resources, is aiming to sell 12 million carats of rough diamonds valued for millions of dollars in Zimbabwe till December 2014.
Surat is the biggest consumer of the rough diamonds mined in Zimbabwe’s Marange diamond fileds. The reason being the diamonds come in small sizes and ideally they are cheaper than the diamonds found in other countries.
Zimbabwe conducted two auctions at Antwerp, in December 2013 and February 2014, realising $10,5 million from sales of 279,723 carats and $70 million from 959,931 carats, according to the country’s Ministry of Mines. This is the first time that the auctions are being held in Zimbabwe.
Diamonds are becoming an increasingly important source of revenue for Zimbabwe government after the European Union (EU) lifted sanctions on the Marange field in the east of the country in September 2013. Zimbabwe probably mined 16,9 million carats last year, according to the Zimbabwe Ministry of Mines, versus 8 million carats in 2011. Figures for 2012 weren’t available.
Before sanctions were lifted against the state-owned Zimbabwe Mining Development Corporation (ZMDC), Zimbabwe sold its diamonds at an average of $47 per carat while other centres were selling at $76 a carat.
Dinesh Navadia, president, Surat Diamond Association (SDA) said: “Zimbabwe diamonds are almost 55 percent cheaper than diamonds from other centres.
Even the size of diamonds is suitable for only the diamond cutters and polishers in Surat.
Thus, Surat is the ultimate user of Zimbabwe diamonds.
The traders are all looking forward to the millions of carats of diamonds up for sale in Zimbabwe.” – timesofindia.indiatimes.com
Online Reporter