Zimbabwe is about to sign with Botswana an agreement to process and valorize its diamonds through Diamond Trading Company (DTC), a joint venture between Botswana and De Beers.
According to The Herald, related talks which started months ago advanced well during the last visit of Zimbabwe’s President, Emmerson Mnangagwa to his botswanian counterpart Ian Khama, last week.
Under the agreement, Zimbabwe will ship its diamonds to Botswana for processing, cleaning and polishing before they are commercialized. The country also plans to rely on the expertise of DTC Botswana, which is considered as the world’s most sophisticated diamond sorting and valuing firm, to increase the value of its stones, currently sold at $50/c though it could earn much more.
Winston Chitando, the Zimbabwean mining minister indicated that the first shipping is expected in the next three months. “At the very late, by June, we are going to have our diamonds in Botswana. We have tasked our Attorney Generals from both countries to look at the legal processes,” he said.
Source: Ecofin Agency