Ten diamond auctions will be held in Zimbabwe over the course of 2019, NewsdzeZimbabwe reports, doubling the number of such sales that were held in the previous calendar year. The state-owned Minerals and Marketing Corporation of Zimbabwe has yet to decide on exact dates, but has confirmed the number of auctions scheduled for the coming twelve month period.
The move, which would significantly increase opportunities for purchasing diamonds sourced in the country, is understood to be an effort by the southern African nation to clear its backlog of stockpiled stones. Zimbabwe is believed to be sitting on about 3.2 million carats of diamonds.
Production in the country’s diamond-rich Chiadawza region has fallen short of expectations, and the Harare government is considering expanding diamond production there, hoping to churn out increased earnings. De Beers and Vast Resources have been issued exploration licenses, joining Murowa Diamonds and the Zimbabwe Consolidated Diamond Company.
