Published: 07 April 2014

The Government has earned $4,3 million in royalties from the inaugural diamonds sale in Dubai.

This was after the country sold 380 000 carats at the tender, which yielded $29,2 million at an average price of $76 per carat.

The achieved price was 5,4 percent higher than the $72 achieved during the second Antwerp sale in which $70 million was realised from the 959 931 carats sold.

All the seven diamond mining companies in Marange participated at the inaugural Dubai diamond tender. In a statement, the Minister of Mines and Mining Development, Walter Chidhakwa, said out of a total value of $29.2 million realised, Government earned $4.3 million from royalties.

He said the Dubai tender was attended by 101 companies which was less than the 167 companies who attended the Antwerp tender last month.

The trading in Dubai saw the highest price per carat reaching $5 000. In the previous tender two gems, one with 14,1 carats and another 13,1 carat stone was sold for $18 400 and $15 000, respectively.

The Government has indicated that the idea behind undertaking several international tenders in different markets is to gain experience as it plans to carry out an international tender in the country later this year.

Zimbabwe is believed to have 30 percent of the world's diamond reserves and the transparent trading is expected to boost the country's liquidity position.

According to Chidhakwa, another tender facility is expected in the next four weeks though the market is yet to be identified.
- BH24

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