Diamonds from 15-Year Dispute are Finally Sold
November 25, 25
(IDEX Online) - The majority of the diamonds from a 15-year long legal dispute in Zimbabwe were finally sold last week, raising a total of $1.09m at a TAGS tender in Dubai.
Vast Resources said the initial parcel of 126,677.50 carats contained a mix of quality gem, low-grade gem and industrial grade stones, achieving an average price of $6.87 per carat, which was in line with expectations.
An additional 216.97 carats of a mix of higher-grade gem quality stones were sold at an average price of $1,084.30 per carat.
Vast said it sold 98 per cent of the goods offered on 17 and 18 November, and said higher-value goods from the total parcel of 129,400 carats would be offered at a later date.
Vast CEO Andrew Prelea said: "This first auction process paves the way for future tenders for the higher quality stones, and we look forward to providing further updates regarding those sales in due course."
The UK-based company surrendered the gems in 2010 amid allegations it had exploited diamonds on mining claims previously owned by De Beers, which withdrew from Marange in 2006, saying it had failed to find viable reserves.
Vast Resources (then known as African Consolidated Resources) subsequently discovered massive alluvial diamond deposits there, which prompted the Zimbabwe government to revoke its mining licenses within months, and evict it.
The diamonds, held at Zimbabwe's central bank since 2009, were finally handed back to Vast in April of this year.
The stones underwent an extensive cleaning process in Dubai to remove multiple layers of metallic silicates and mineral coatings.
Pic, courtesy Vast Resources shows diamonds after phase two primary beneficiation (second cleaning) and (inset) before primary beneficiation (first cleaning).