26 September 2017
Kidnapped love rat ‘lucky to be alive’
Court: Man up for leaking bond coins
Govt official: Zim pensioners destitute
Biti runs a mile from Mujuru, Zapu
Road carnage: Kombis blame ZRP fraudsters
Kenya police tear gas protestors
Ugandan lawmakers in presidency brawl
Angola succession: New leader in after 38yrs
Meikles Ltd seeks new investment
Afreximbank arranges $1.8b Zim loan
Relief effort: Lopez donates one mln
Two SA plays at Theatre in The Park
Mourinho says unfazed by key injuries
Wenger fumes over gruelling schedule
Zim needs mass public demonstration
Currency crisis and the art of deception
Stinking diplomacy, international law
Angel’s underwear prophecy a new low
Diamond auction raised $72 million
12/08/2010 00:00:00
by Business Reporter
Auction ... The KP's Zimbabwe monitor A\bbey Chikane (left) chats with Prime Minister Tsvangirai (right) and Mines Minister Obert Mpofu
UNDP: Zim so rich it can be Africa's NO 1
Diamonds funding state terror: global group
Gvt says diamonds sector dead, engages Chinese
Marange villagers still wait for compensation
De Beers’ Marange ‘looting’ files missing
De Beers maintain Marange denial
NGOs step-up anti-Marange fight
Israeli diamond smuggler expelled
Israelis held over diamonds
Zim blasts 'jealous howling' over Marange
Europeans keen on Zim diamonds
Zim boycotts new KP talks
Africa diamond producers blast KP
Kurotwi freed on technicality
Diamond execs deny fraud
Chiadzwa swindle 6 in court
Zim defiant after KP stalemate
KP maintains Zim diamond embargo
6 held over $2bn Marange fraud
AAG says KP future at stake
Australia, US pose KP roadblock
Diamond exports to resume: Mpofu
AAG joins Marange fray in Israel
'Nasty fight' expected over Marange
Mpofu claims new diamond discoveries
Miners to sell 10pc diamonds locally
Second diamond auction held
Diamond sales secrecy declared
Court strips ACR of Marange claim
Zim to polish, cut own diamonds
Zim eyes $2bn annual diamond windfall
Indian buyers bought 83pc auction diamonds
Mpofu dismisses US group's Marange ban
Diamond geezers arrive for auction

ZIMBABWE sold 900,000 carats of stockpiled diamonds worth more than US$72 million on Wednesday in what Prime Minister Morgan Tsvangirai described as a “historic” development for a country which has struggled to shake off a decade-long economic crisis.

The auction was the first of two exports Zimbabwe has been allowed to make following a July agreement with the diamond industry watchdog, Kimberley Process(KP), to resume trade in rough diamonds from the controversial Marange diamond fields in the east of the southern African country.

The KP monitor for Zimbabwe, Abbey Chikane, said 900,000 carats went under the hammer during the auction that took place at the Harare International Airport under heavy police guard.

The sale was officially opened by PM Tsvangirai and attracted buyers from the United States, Israel, Russia, Lebanon and India.

Diamonds from the Marange fields near Zimbabwe’s border with Mozambique attracted controversy following allegations of smuggling, murder, rape and forced labour levelled against members of the national army seconded to guard the area.

Zimbabwe says it holds a stockpile of over 4.5 million carats of Marange diamonds worth an estimated US$1.7 billion, almost half as much as its 2010 budget.

The state-run Herald newspaper reported that the government would only gets 10 percent from the Marange diamond sales as royalties, while the Minerals Marketing Corporation of Zimbabwe picks up 0,875 percent with the state-run Zimbabwe Mining Development Corporation (ZMDC) -- which is in a joint venture with two South African firms Mbada Diamonds and Canadile Miners -- pocketing 2,5 percent. Mbada and Canadile are also entitled to five percent management fees, and the ZMDC 2,5 percent.

The remaining 79,125 percent would cover production costs based on an agreed formula with the balance going to the government through the ZMDC, Mbada and Canadile.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker