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Zimbabwe Holds Diamond Auction for 316,000 Carats

Zimbabwe expects to produce 4.1 million carats of diamonds this year.

Zimbabwe expects to produce 4.1 million carats of diamonds this year.

Photographer: Andrey Rudakov/Bloomberg

Zimbabwe’s state-owned Minerals Marketing Corp. opened a 316,000 carat diamond auction, which will close at the end of the week, an official said.

“This is the third auction we have conducted this year as there were some administrative issues which were taking place within the organization," MMCZ’s General Manager Tongai Muzenda said by phone on Wednesday. The last auction was held in July, he said.