Zimbabwe’s Biggest Diamond Miner Shifts Sales Hub to DubaiNovember 7, 2023
"In a strategic move aimed at bypassing intermediaries, Zimbabwe’s largest diamond producer, Zimbabwe Consolidated Diamond Co., has shifted the majority of its sales operations to Dubai, focusing on attracting cutters, polishers and traders, Mining Weekly reports.
The state-owned miner has auctioned 4 million carats of diamonds in the emirate this year, a substantial increase from the 850,000 carats sold in the entirety of 2022. According to the company’s Sales and Marketing Manager Enock Moyo, it plans to rake in $1 billion in revenue by 2030.
Moyo said that three auctions held in Dubai have drawn an average of approximately 150 buyers, a fivefold increase compared to sales held in Zimbabwe. Shifting the sale of rough stones to the UAE has also effectively eliminated middlemen who traditionally participated in auctions within Zimbabwe. “For us, Dubai has been a game changer,” Moyo said in an interview."
SOURCE: The Israeli Diamond Industry