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Zimbabwe Cutting Ties With Global Diamond Tenders

Mines Minister Walter Chidhakwa says the government is seriously considering cutting ties with a Dubai company - Global Diamond Tenders - after it allegedly delayed the payment of $30 million realised from diamond sales at the Zimbabwe-Dubai Diamond Exchange last month.

The money, which diamond sources say should normally take only three days to be cleared, has not been transferred to Harare one month on.

Zimbabwe sold 400,000 carats of diamonds at the Dubai Diamond Exchange and realized US$30 million of which $4,9 million was expected to be paid to Treasury in royalties.

The rest of the money would be shared between the Zimbabwe Mining Development Corporation (ZMDC) and the diamond firms.

Finance Minister Patrick Chinamasa at the weekend took a swipe at the Dubai Diamond Exchange saying it has failed the test.

Harare was trying to ditch the diamond epicenter, Antwerp, saying its diamonds fetch less in Belgium that in Dubai.

Chidhakwa also criticised the company but told Studio 7 that the money is now being paid.

Kimberley Process Certification local focal point coordinator Shamiso Mtisi Zimbabwe needs to engage reputable diamond facilitators.

Listen to our exclusive interview with Mines Minister Chidhakwa on Tuesday when he talks about governments attempts to re-organize the diamond sector.