Diamond exchange set to open in November A diamond exchange is due to open in Harare in November on the occasion of an international conference on the gem industry. Between now and then Zimbabwe hopes to stage new auctions in Antwerp, which doesn’t hold a monopoly on the sale of its diamonds. Other auctions have already been held in Dubai, which has been ardently wooing Harare in recent months. In April, president Robert Mugabe was invited to visit the Dubai Multi Commodities Centre (DMCC) not long after DMCC named two figures close to him to DMCCs parent organizations board, Dubai Diamond Exchange Board. These were Robert Mhlanga, chairman of Mbada Diamonds and Francis Pedzne Gudyanga, a former permanent secretary at the mines ministry. Zimbabwe’s mines minister Walter Chidhakwa believes a diversification of auction sites can help heighten competition in order to wring the most value from transactions. In the long-run there’s question of replacing the system of tenders, which feed fraud. But the aim is equally to attract foreign traders to Zimbabwe and even investors interested in setting up local firms to cut and polish gems. (africaintelligence)
Posted on: Sat, 13 Sep 2014 09:56:40 +0000
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