Minerals Marketing Corporation of Zimbabwe (MMCZ) general manager, Mr Tongai Muzenda, has said that the country expected to sell about 500 000 carats of diamonds at its fourth auction. He said:
We are looking forward to conducting another diamond auction where we are targeting to sell between 400 000 and 500 000 carats by the end of November.
MMCZ conducted its third auction teo weeks ago where 316 000 carats were auctioned. Zimbabwe expects to produce 4,1 million carats of diamonds this year, up from 2,8 carats last year.
The expected volumes are way too below the 2012 production in which the country realised an output of 12 million carats.
Zimbabwe, back then, was amongst the top diamond producing countries globally.
Diamond mining was not without controversy, however, with the former president, Robert Mugabe, at some point claiming that the country had lost diamonds worth about US$15 billion through corruption.
Observers argue that if the country’s natural resources had been put to good use, the country would be in a better state.
More: The Herald