Zimbabwe Struggles to Recover Diamond Proceeds in Dubai

By IAfrica
In Zimbabwe
May 7th, 2014

Zimbabwe Struggles to Recover Diamond Proceeds in Dubai thumbnail

Zimbabwe is searching for a new diamond trade facilitator to ensure urgent payments and accountability after struggling to recover proceeds from the Dubai Diamond Exchange (DDE) auction that was conducted in April.

The development follows revelations that out of the US$30 million transacted, only US$13,5 million has been paid by the facilitator, Global Diamond Tender.chidakwa

The Minister of Mines and Mining Development, Walter Chidhakwa, says while government is conducting an evaluation process to find out why the facilitating firm is delaying to remit the outstanding proceeds, authorities will soon identify a new facilitator to continue selling locally produced diamonds on the DDE.

“The new facilitator is coming and identifying is in the process to boost the diamond mining industry,” he said.

Zimbabwe sold about 400 thousand carats of diamonds for an average price of US$76 per carat at the DDE in March this year and generated US$30 million which it was expecting in the first week of April.

However a month later, the facilitator is yet to remit all the money. – ZBC

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