Ease of COVID-19 restrictions boost diamond trade

Staff Reporter

The easing of COVID-19 restrictions has witnessed an improvement in the diamond market.  This was revealed by a contact within the Minerals Marketing Corporation of Zimbabwe (MMCZ), following the Corporation’s invitation of diamond buyers and its efforts to enlist on the international markets.

Speaking to this publication a contact within the MMCZ, indicated that during the COVID-19 pandemic diamond sales were suspended.

“As from mid-2021 diamond sales were suspended, however, since the relaxation of COVID-19 restrictions the diamond market is improving and the marketing corporation is working tirelessly to ensure a fair market for the country’s diamonds.

“During the COVID-9 lockdown, Zimbabwe Consolidated Diamond Company (ZCDC) set aside stock piles of its diamond produce since mid-2021, managing to offload 105 00 carats worth US$7.5 million on 3 January 2022,” said the contact who preferred anonymity.

Highlighting on efforts by the marketing company to improve the pricing of the country’s diamonds, contact said, “MMCZ is negotiating with the buyers to increase their price after their bid prices for Ajin Investment fell short of the targeted revenue.

“The highest bid price was US$23 million for the bulk parcel and US$28 million for individual parcel, against targeted revenue of US$32 million,” added the contact.

Meanwhile, in a bid to get rid of the middlemen who often offer lower prices, the MMCZ has invited five buyers namely Weltsman South Africa, Montu Diamonds, Perleen Investments, Royal and EML Diarough, while exploring the international markets in Dubai and Belgium.