Majority of Zimbabwe Diamond Tender Went to India
August 16, 10 by Edahn Golan
Wednesday's tender of some 900,000 carats of rough diamonds fetched nearly $72 million, the majority of which was purchased by Indian diamond traders. As much as $60 million worth of the goods, about 83 percent of the tender, have apparently been imported into India and are already being sorted, IDEX Online has learned.
Zimbabwe government officials said that buyers from Israel, Lebanon and Russia came to take part in the auction in addition to a small group from India, which according to one report charted a plane for the round-trip.
Indian market leaders told IDEX Online that they look forward to future imports from Zimbabwe. They wished, however, that these future imports grow gradually. Among India's diamond traders is a concern that a flood of goods from diamond-rich Zimbabwe will erode prices of diamonds of similar quality and color. This in turn will decrease the value of their rough diamond inventories.
Zimbabwe was granted permission to export diamonds mined after May 28 at two locations in the Marange region. The exports were to take place on two different occasions. The first was for August and took place last Wednesday. The African country will hold a second tender in September and India traders plan to dominate it too.
