eBusiness Weekly
Tawanda Musarurwa
Zimbabwe expects to get over $81 million from its first diamond auction since it began a deliberate policy to stock pile produce for auctioning at the appropriate time.According to Mines and Mining Development permanent secretary Munesushe Munodawafa, the Zimbabwe Consolidate Diamond Company has been stocking up on gems and will conduct its second sale later this month since it started mining.
“ZCDC has been producing and stockpiling the mineral. The diamond auction is expected in November 2017. The company is expected to realise $81, 4 million from 1 492 909 carats produced,” he said.
Munodawafa said going forward Zimbabwe’s diamond output should improve.
Earlier this year, Treasury confirmed that it had capitalised the ZCDC to the tune of $80 million to enhance its capacities to start conglomerate diamond mining.
“We expect there to be an improvement in diamond production because of the capitalisation of the ZCDC that is taking place,” said Munodawafa.
According to official figures from the Chamber of Mines Zimbabwe, diamond output this year is projected at 3, 5 million carats, which is expected to jump further by 29 percent to 4, 5 million carats in 2018.
