Indians to help Zimbabwe to set up diamond auction centre


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A group of 20 Indian diamond industry players are expected in the country next week to help set up a diamond auction centre as Zimbabwe steps up bid to sale gems locally.

Zimbabwe has plans to hold diamond sales locally next month after conducting four diamond auctions outside the country; three at the Belgium-based Antwerp World Diamond Centre (AWDC) and one in Dubai.

Lovemore Kurotwi, the chairman of the Zimbabwe Diamond Centre (ZDC) which is located on the outskirts of Harare, said the country has been losing a lot of money through external diamond trade, hence the need to conduct sales locally.

“Zimbabwe Diamond Centre is now linked with other diamond centres across the world and we will be learning from them the best way to conduct diamond sales locally,” he said.

“As such, we are going to start with a top class delegation from India who have expressed willingness to do business with us.”

India has one of the most vibrant diamond industries in the world and cuts about 92 percent of the world’s diamond pieces – earning the Asian country $15 billion in exports annually.

Kurotwi said that plans were also underway to create synergies between the local diamond industry and other international players.

AWDC noted in January this year that Zimbabwe will account for over a quarter of the world diamond output in the next decade given its huge resource base.

ZDC also launched a diamond cutting and polishing desk which Kurotwi said could also save nearly $300 million in import costs.

The desk was designed and produced by Harare Polytechnic.- The Source

(21 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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