Zimbabwe to auction first diamonds in Antwerp

via Zimbabwe to auction first diamonds in Antwerp | The Source December 10, 2013 

Zimbabwe will this week auction its first ever diamonds in Belgium, almost three months after the European Union (EU) removed sanctions on the state-owned mining company, a diamond sector representative said on Tuesday.

The tender would be held from 11 to 16 December in Antwerp, the leading hub for rough diamond trade, Botswana diamond marketing firm, First Element said.

The auction follows high level meetings and exchange visits between government and  the Antwerp World Diamond Centre officials in the past month after the EU lifted sanctions against the  Zimbabwe Mining Development Corporation.

The auction will include diamonds from  Marange Resources, Diamond Mining Company, Anjin Investments, Jinan and Kusena Diamonds, totalling about 300 000 carats.

“This opening of the market should have a highly significant and positive impact on the necessary market transparency,” said First Element.

“In addition, Antwerp is convinced that the combination of solid transparency, accountability and potentially increased mining revenues will contribute to a sustainable social and economic development of Zimbabwe.”

At least 84 percent of all rough diamonds and 50 percent of all polished diamonds pass through Antwerp.

Zimbabwe is expected to produce 16.9 million carats this year according to official statistics. Last year, the country produced eight million carats which were sold mainly through middlemen.