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Record prices at the Dubai Diamond Exchange Inaugural Zimbabwe diamond tender

7th April 2014

  

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The Dubai Diamond Exchange  (0.12 MB)

The Dubai Diamond Exchange, a DMCC platform, today announced record numbers of sales at the inaugural Zimbabwe diamond tender, held from March 23 - 30, 2014.

The tender was facilitated by Global Diamond Tenders DMCC in cooperation with the DMCC and featured rough diamonds from Anjin, Jinan, DTZ, DMC, Marange Resources, Mbada and Kusena.

All the seven diamond mining companies based in Marange District of Zimbabwe participated at the inaugural diamond tender in Dubai, achieving an average price of US$76 per carat which was a 5.4 percent improvement on the second Antwerp (Belgium) sale which averaged US$72 per carat.

The Minister of Mines and Mining Development, Walter Chidhakwa, said out of a total value of US$29.2 million realised, government earned US$ 4.3 million from royalties.
The trading in Dubai saw the highest price per carat reaching US$ 5,000.

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.

The DDE has been a key supporter of the diamond trade in Africa over the last decade and the Dubai Diamond Exchange has become the global platform for which Africa can trade to consuming countries in Asia and Europe. The tender was facilitated by Global Diamond Tenders DMCC in cooperation with the DMCC.

Peter Meeus, Chairman of the Dubai Diamond Exchange, added, “The DDE has and will continue to support African diamond markets by ensuring the appropriate infrastructure is available to facilitate the trade between producing and consuming nations. We are extremely pleased with the high prices that were reached and stand ready to assist the government of Zimbabwe in future initiatives.”

Edited by Creamer Media Reporter

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