KEY POINTS
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Vast Resources uncovers 6,055 extra carats in historic diamond parcel.
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Diamonds held by RBZ for 15 years before release.
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Company plans to sell diamonds through Dubai tender.
An extra 6,055 carats of diamonds have been found in a historic parcel made public by the Reserve Bank of Zimbabwe (RBZ), according to Vast Resources.
Vast Resources discovers additional diamonds in historic parcel
A lengthy struggle over mining rights in Zimbabwe’s Marange diamond resources has resulted in the parcel, which originally contained 129,400 carats, being placed in custody since early 2010. Vast Resources achieved a major legal and business victory in 2023 when it was granted access to the diamonds again after a favorable High Court decision.
According to New Zimbabwe, after being left undisturbed for more than 15 years, the diamonds surpassed the company’s initial expectations, demonstrating the remarkable potential concealed within the package. Given that the diamonds are still a very valuable asset, this surprising finding has given Vast Resources new hope. In order to evaluate the diamonds’ quality and ascertain their current market value, the corporation has declared plans to clean and re-sort them, which might result in a sizable profit.
Company plans to sell diamonds through Dubai tender
Within the next month, Vast Resources plans to sell the diamonds through a Dubai tender process after they have been processed. This strategy fits with the business’s plan to access the world diamond market, where Dubai is a major hub for these kinds of deals.
To make sure that all monetary and legal requirements are satisfied before the business can fully benefit from the sale, about 20% of the total sale price will be set aside for royalties, legal fees, and other related expenses.
Vast Resources intends to shift its attention to growing its business in Zimbabwe after this issue is resolved. This includes moving forward with a joint venture in the Marange diamond fields, where the business is well-positioned to contribute significantly to future growth.
Furthermore, Vast Resources is still working on projects in Tajikistan and Romania, both of which are essential to the business’s long-term expansion plan. The settlement of the conflict and the diamonds’ release give Vast Resources a strong platform on which to advance these projects and seize fresh chances in the international market.
