Zimbabwe Held Second Diamond Auction Last Week, Mines Minister Mpofu Says

Zimbabwe held an auction of 300,000 carats of gems from its Marange diamond fields last week, Mines Minister Obert Mpofu said.

“I am looking forward to further sales in the near future,” he said in an interview in Seoul today. “We still have stockpiles.”

The second auction came after the southern African nation sold 900,000 carats last month after the Kimberley Process approved the auction of a portion of the 4.5 million carats of gems in stock. The Kimberley Process was formed in 2002 by governments and the diamond industry to halt the sale of so- called blood diamonds, or gems used to finance conflict.

The nation has been talking to Posco, South Korea’s largest steelmaker, about cooperation on developing natural resources, said Mpofu, who is visiting Seoul to attend a ministerial conference between South Korea and various African nations.

“We’re hoping for a good partnership with Posco,” he said, declining to comment further.

A carat is a fifth of a gram.

To contact the reporter on this story: Shinhye Kang in Seoul at skang24@bloomberg.net

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