Zimbabwean Prime Minister Morgan Tsvangirai is worried over the high level of diamond extraction at the resource-rich Marange fields, a local weekly newspaper reports.
Four companies namely Marange Resources, Mbada Diamonds, Anjin Investments and the Diamond Mining Company (DMC) had operations in the area.
These miners had a stockpile of 4.5 million carats with a value of up to $5 billion prior to an auction held a fort-night ago and were also targeting an output of 20 million carats this year, up from 9 million carats in 2011.
The Zimbabwe Standard quoted the premier as saying that such high levels of mining could result in the country exhausting its diamonds within 10 years.
“The fundamental challenge we face is the future of diamonds,” Tsvangirai said.
“I was alarmed that DMC says they are left with four years life span. Should we have all these companies and everyone flooding the market?”
DMC started production in Marange last August.
The company had a throughput of 900 000 tonnes per annum with quantified reserves at 3,6 million tonnes.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets
Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.
16 september 2024
Sarine’s David Block: Diamond Industry at Standstill Until Chinese Demand Returns
David Block is CEO of Israel’s Sarine Technologies and has served in the position since 2012. In this exclusive interview for Rough and Polished, Block gives his opinion on the leading issues affecting today’s diamond trade.
11 september 2024
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
