Bulawayo: The Minerals Marketing Corporation of Zimbabwe (MMCZ) has started work to set up the first ever diamond bourse in the country, reports The Southern Times.

The company has called for consultancy work on the multi-million dollar project. Zimbabwe had planned to establish a diamond exchange by end of the first half of 2015, but however the target could not be met due to a host of challenges.

MMCZ said work was expected to begin next year. “(We are seeking) consultancy for the establishment of the Zimbabwe Diamond Bourse,” it said.

The Southern African country’s plans to set up a diamond exchange have been endorsed by the World Federation of Diamond Bourses (WFDB).The federation had pledged to work with Harare to help the idea bear fruit.

The country’s diamond production rose to a peak of about 12 million carats in 2012 and the share of Africa’s production stood at 15,2 percent the following year.

The country accounted for eight percent of the global output making the country the world’s sixth largest producer. Commenting on the issue, a diamond expert who declined to be named said the exchange will optimize gem mining in Zimbabwe.