Work hard and you will find success

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Zim to go ahead with Dubai diamond sales despite ‘failing trustworthy test’

08 may 2014

Zimbabwe is expected to continue selling its diamonds in Dubai despite the country failing to redeem $30 million from Global Diamond Tenders, which facilitated the tender at the Dubai Diamond Exchange (DDE) late March.
Mines minister Walter Chidhakwa was quoted as saying that there were no qualms about DDE but the facilitator.
“Dubai isn’t the issue but the facilitators. We have been selling our diamonds there since 2007 and we have never had problems before. It’s a lucrative market and we still have an opportunity to sell in that market,” he said.
Zimbabwe exported nearly 400,000 diamond carats to Dubai which were sold at an average price of $76 per carat.
Harare claimed that the tender recorded a 5.4 percent growth from the second Antwerp sale which attracted $72 per carat.
However, the Antwerp World Diamond Centre told Rough&Polished that the second tender of Marange diamonds fetched an average price of $79.94 per carat not $72 alleged by Harare.
Meanwhile, Finance minister Patrick Chinamasa appeared not to sing from the same hymn book with Chidhakwa as he blamed the delay in the remittance of the auction proceeds on the DDE.
"Naturally, DDE have failed the test. Remember, when we went there we were testing the market. Why would we continue selling our diamonds in Dubai under such conditions?" the minister said.
“Obviously, the delay is affecting us. We could have used that money to fund some of the projects awaiting completion.”
Chinamasa said he was not sure of the reason why it had taken long for Zimbabwe to receive its money.
However, Chidhakwa claimed that Diamond Mining Company, Kusena, and DTZ-OZ Geo had since received their proceeds while Anjin was partly paid.
“There were some logistical problems with Marange Resources, Mbada Diamonds and Jinan. I understand the facilitator was forced to open a new bank account to facilitate the transfer of funds. That has been done and anytime now, they will be transferring the money to the various companies,” he said.
Showing no signs of disenchantment, Chidhakwa said the failure by the facilitator to meet expectations was a learning curve for Zimbabwe.

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