In a strategic move aimed at bypassing middlemen, Zimbabwe’s largest diamond producer, Zimbabwe Consolidated Diamond Co, has shifted the bulk 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 significant increase from the 850,000 carats sold in the whole of 2022. According to the company’s sales and marketing manager, Enock Moyo, the company plans to generate $1 billion in revenue by 2030.
Moyo said three auctions held in Dubai attracted an average of about 150 buyers, a fivefold increase compared to sales held in Zimbabwe. Moving the sale of rough stones to the UAE has also cut out the middlemen who traditionally attended auctions in Zimbabwe. “For us, Dubai has been a game changer,” said Moyo in an interview.