Harare: Government’s plans to set up a diamond exchange have received a major boost following commitment by world gem organizations to support the initiative. World Federation of Diamond Bourses president Ernie Blom said the world body is ready to ensure that Zimbabwe’s objective becomes a reality. “I know that the Government of Zimbabwe has been considering setting up a diamond exchange,” said World Federation of Diamond Bourses president Ernie Blom. We are prepared to help you bring this dream a reality and hopefully by the next conference we can have a new Zimbabwe diamond exchange,” said Blom.

The WFDB views Zimbabwe as a potential diamond producing hub, huge enough to be able to help producers meet world demand.

“Bain and Company has estimated that the demand for polished diamonds will expand by 6,4 percent in terms of value annually over the next decade while rough diamonds supply from mining sources will only grow at a compound rate of around two percent.

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 by volume in 2013.

The country accounted for 8 percent of the global output making the country the world’s sixth largest producer.

The mining sector is projected to grow by six percent in 2014 and its contribution to the country’s GDP has seen a phenomenal rise from about 4 percent in the 90s to 16 percent in 2013 and a projected share of 17 percent in 2014.