India’s High Demand a Boon For Zimbabwe’s Diamond Industry

polish diamond-Israel Diamond InstituteThe Zimbabwean diamond industry is expected to see rising profits due to increased demand in India, which is Zimbabwe’s major export destination, according to The Herald.

Many of Zimbabwe’s diamond companies, including those dealing in stones from Marange, are selling their wares in India, where they fetch more attractive prices.

Auctions in India that have taken place early this year have seen a jump in demand for all kinds of diamonds from Zimbabwe. Observers say they expect this trend to continue into deep into 2012, perhaps beyond.

Zimbabwe could generate $2.5 billion in diamond exports in the next few years. It is expected to sell $600 million worth of diamonds this year. International investors said that they expect Zimbabwe to be a major player in the diamond trade for 20 years, with India remaining the major export destination.

India and Zimbabwe have seen an improvement in their relations between governments as well as an increase in commerce between the two states. A number of Indian delegations have visited Zimbabwe to explore business opportunities. India has also been an advocate of allowing diamonds from Zimbabwe to be sold and approved by the Kimberley Process.

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