ZIMBABWE’s diamonds have earned a high-level quality endorsement from the Dubai Multi Commodities Centre following the successful shipment of more than 500 000 carats of precious stones to the United Arab Emirates.
Dubai Multi Commodities Centre executive chairman Sultan Ahmed Bin Sulayem gave a thumbs-up on the quality of diamonds mined by the Zimbabwe Consolidated Diamond Company (ZCDC) and the wider region, marking a significant milestone for the country’s mineral exports.
ZCDC, an entity under Mutapa Investment Fund, recently engaged Dubai-based Trans-Atlantic Gem Sales (TAGS) as its second international tender house, mandated to facilitate the auctioning of rough diamonds mined by ZCDC.
Currently, ZCDC conducts international diamond sales through two channels, namely Taurum Group and TAGS. Local diamond producers are required by law to reserve 10 percent of their production for local buyers.
The Minerals Marketing Corporation of Zimbabwe plays a critical role in ensuring that Zimbabwe’s minerals, which include diamonds, achieve optimal value on the international market.
Bin Sulayem confirmed that he had met with TAGS chief operating officer Paul Duncombe during his recent visit to the company’s facilities at Almas Tower, where they were hosting a sale of over 500 000 carats of original Zimbabwean mine production.
“As one of the most active participants in the Dubai Diamond Exchange, TAGS remains a cornerstone of our precious stones ecosystem, consistently delivering the scale, transparency and professionalism that global buyers and suppliers expect,” Bin Sulayem said in a post on the social media platform X, formerly Twitter.
“Whilst we witnessed a high level of attendance from specialist manufacturers at the current event featuring Zimbabwean goods, we also discussed the sustained appetite for high-quality rough diamonds, as evidenced by the strong activity and prices achieved at TAGS’ recent tenders. Preparations are already well underway for their next sale in April, which will feature an impressive selection of high-quality rough diamonds from Southern Africa, including several exceptional single stones and fancy colour diamonds.”
Trans-Atlantic Gem Sales operates across five strategic locations in three key diamond-producing and trading countries – the United Arab Emirates, South Africa, and Angola.
The company’s headquarters and primary tender facility are based in Dubai, UAE, now the world’s leading rough diamond trading hub.
ZCDC is currently operating two open-pit operations in Chiadzwa and Chimanimani. The company began operations in 2016 after the government ordered the closure of mining companies in Chiadzwa and Chimanimani, citing accountability issues and potential revenue losses.
“Seeing the engine room of the diamond trade operating at such high capacity was a fitting reminder of where this industry has anchored itself. Since becoming the world’s leading rough diamond trading hub in 2021, Dubai has continued to strengthen its position at the centre of the global diamond trade, with more than 1,06 billion carats of rough and polished diamonds traded through the emirate over the past five years,” Sulayem added.
“In an era of shifting supply chains and evolving trade corridors, the reliability of partners like TAGS is precisely what sustains that position. Dubai does not simply participate in the global diamond trade. It sets the terms for it.”
Trade between Zimbabwe and the UAE has improved over the past five years with gold and diamonds constituting the bulk of the minerals shipped to the region.
Official figures from Zimbabwe’s Statistical Agency show that gold and rough diamonds are some of the top exports to the United Arab Emirates.