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Zimbabwe to Sell 1.56 Million Carats of Diamonds Over 2 Months

HARARE (Reuters) - Zimbabwe’s state diamond company will auction 1.56 million carats of diamonds over the next two months, the first time since March 2017 that the country is conducting such sales, the mines minister said on Thursday.

Winston Chitando said Zimbabwe Consolidated Diamond Company (ZCDC) would conduct the separate auctions in March and April to sell diamonds it has stockpiled since last year.

“Thereafter, from current production, government anticipates ZCDC to have regular tenders throughout 2018,” Chitando told reporters.

Chitando said ZCDC had conducted a test sale two weeks ago, which was attended by buyers from countries such as Belgium, Dubai, Botswana and South Africa. The sale earned $829,000.

The sales were halted last year while the company restructured. Chitando said this was to ensure there was enough time to align the marketing and sales framework to international best practice. (Reporting by MacDonald Dzirutwe. Editing by Jane Merriman)