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Zim’s DMC racks in over $30 mln from latest diamond auction

20 february 2012

The Diamond Mining Company (DMC), which was recently given a green light by the Kimberley Process to sale its diamonds, accrued over $30 million from Marange diamond auctions held in the past two weeks, Mines Minister Obert Mpofu said.
The company was a joint venture between Dubai-based Pure Diamonds and state-owned Zimbabwe Mining Development Corporation.
“I got a report from DMC [Diamond Mining Company] that they have sold in excess of $30m since they were approved two weeks ago," he was quoted as saying to journalists during a tour of the Marange diamond fields.
DMC was initially said to have targeted 400 000 carats for sale.
Mbada Diamonds and Marange Resources were also each said to have put about 350,000 carats for sale while Anjin Investments tendered about half a million carats.
Mpofu could not reveal details on the prices achieved per each carat sold but diamonds from Marange were said to be extremely cheap when compared to low range goods from other sources.
The southern African-nation had built up a stockpile worth up to $5 billion.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished