MMCZ closes diamond bids 

The Minerals Marketing Corporation of Zimbabwe (MMCZ) has closed bids for diamond parcels meant for local cutters and polishers, with buyers registering interest in the whole lot.

Source: MMCZ closes diamond bids | The Sunday Mail December 25, 2017

The local sale is conducted in fulfilment of Government’s directive that 10 percent of all diamonds from local mining entities must be sold here as a way of supporting local mineral beneficiation.

RioZim’s Murowa Diamonds and the State-owned Zimbabwe Consolidated Diamond Company (Pvt) Ltd (ZCDC) provided the 28 888-carat parcel, which was put up for sale last week as a way of luring locals into the diamond value chain system.  MMCZ acting general manager Mr Masimba Chandavengerwa confirmed the closing of bids and said the next stage will now see the minerals marketing authority doing its own independent assessment of the gems before opening the bids.

Winners, Mr Chandavengerwa said, will then be announced in the last week of December or first week of January.

“Seven local companies participated in the bid, which had a total of 28 888 carats,” said Mr Chandavengerwa.

“The parcel came from two miners, namely Murowa Diamonds and ZCDC. For now we have closed the bidding.

“Going forward, we will keep the bids closed then do our own assessment of the parcel to ascertain its value after which we will then open the bids and notify the winners and that should be during the last week of the year or first week of January at the very latest.

“What is important to note is this local auction will now be done regularly so that we are compliant with the 10 percent requirement of supporting local beneficiation as per Government’s requirement,” said Mr Chandavengerwa.

While Murowa Diamonds’ produce for the year could not be ascertained by the time of going to print, ZCDC has so far managed over 1, 5 million carats of the precious stones. The State miner is also now venturing into high-yielding conglomerate mining having depleted alluvial deposits at the Chiadzwa diamond fields.

With annual yields running into millions of carats, the local diamond beneficiation industry will soon be a multimillion-dollar industry on the back of Government’s 10 percent local beneficiation threshold.

Mines and Mining Development Minister Winston Chitando recently said mining will be anchored on increased capacity utilisation, ability to raise capital and a commitment to exploration.

“The vision is to create the necessary confidence so that Zimbabwe becomes the destination of choice for mining investment,” said Minister Chitando at the launch of a Chamber of Mines State of the Mining Industry Survey report in early December.