Zimbabwe decided on Thursday, 18th September 2014 to increase the profitability of its diamond by proceeding from now on to auctions in the country. These operations were previously done in Dubai and Belgium. According to the Zimbabwean Minister of mines, Walter Chidhakwa, this decision is motivated by an incident with a South African company that made the country lose several million dollars.
In 2013 the European Union lifted the embargo that was put on the Zimbabwean diamond since 2002. This measure allowed not only to increase the transparency in the marketing of diamonds coming from the country but also to allow Zimbabwe to develop its economy.
The country that has been going through a financial crisis for several months (characterized by the reduction of the salary of President Robert Mugabe) decided to proceed to internally auctions. The first operation will be done in November.
Before this piece of news, Zimbabwe already summoned the mining companies to sell their productions to the Zimbabwean Mining Development Company (ZMDC). “From now on, the diamond mining groups should sell their precious stones via the central bank in order to secure the loans of the government“, declared the former Zimbabwean Minister of mines, Francis Gudyanga.
Original text by: Roger ADZAFO