The Zimbabwean finance minister Patrick Chinamasa said the Dubai Diamond Exchange (DDE) failed to be a trustworthy market for Zimbabwean diamonds.
This follows reports that diamond exchange had delayed to remit proceeds from a March tender.
"Naturally, DDE have failed the test. Remember, when we went there we were testing the market. Why would we continue selling our diamonds in Dubai under such conditions?" the minister said.
“Obviously, the delay (in remitting the money) is affecting us. We could have used that money to fund some of the projects awaiting completion. Naturally, the delay is crippling the mining companies that need the money to run operations.
“I am not sure of the reason why it has taken this long for us to receive our money. I haven’t found the time to talk to Minister Chidhakwa to find out what is really happening, but I am eager to engage him so that I know what is happening.”
His comments appeared to run counter with President Robert Mugabe who praised DDE during his visit to Dubai last month.
“We have been overwhelmed by the enthusiasm and conviction in which policies have been pursued and businesses successfully attracted,” he said.
“We are happy to be part of this success story and look forward to continue a mutual beneficial relationship with Dubai in the future exploration and exploitation of our diamond business.”
Diamond miners in Marange were not happy with the delays by DDE to remit proceeds from the tender.
However deputy mines minister, Fred Moyo, said it was too early to condemn DDE.
“The Secretary (Professor Francis Gudyanga) is pushing hard for the organiser to transfer the money as soon as possible,” he said.
“What gave us confidence (in the Dubai market) was the price. We cannot condemn anyone at the moment as we are still gathering what is happening. But obviously the delay will raise questions.
Zimbabwe claimed that a carat in Antwerp fetched $72 in February's sale while in Dubai a carat was fetching $76.
However, the Antwerp Diamond Centre chief executive Ari Epstein told Rough&Polished in an interview to be published soon that the correct average carat price fetched in Antwerp was $79.94.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
