Zim Starts Process to Establish Diamond Bourse
January 13, 16
(IDEX Online News) – Zimbabwe has begun the process of establishing a diamond bourse in the capital Harare, having invited consultants to give advice on how to create it, according to a report in The Herald.
The Minerals Marketing Corporation of Zimbabwe (MMCZ) hopes that the establishment of the bourse will draw major global diamond buyers to Harare, and that it will become a major center for the diamond trade in much of southern Africa.
MMCZ deputy general marketing manager Masimba Chandavengerwa said that “most international buyers have expressed their interest to come here, but they have been avoiding us because we have been doing things in a fragmented manner.”
Chandavengerwa added that having the bourse will standardize grading, cutting and polishing, as well as synchronizing mining activities. He also stressed that having banks, insurance companies, jewelers, cutters and polishers under one roof would improve security.
Previous diamond auctions have been held at the Zimbabwe diamond tendering facility at Harare International Airport.
World Federation Diamond Bourse (WFDB) president Ernie Blom said, “It's early days in general regarding the Zim bourse. It will need to ensure that all its laws and by-laws are completely in line with those of the WFDB.”