Only four companies to mine diamonds in Zimbabwe


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Only four companies including the Zimbabwe Consolidated Diamond Company and Murowa Diamonds are to be allowed to mine diamonds in Zimbabwe. The other two companies are still to be approved.

Acting Information Minister Mangaliso Ndlovu said cabinet today approved the Zimbabwe National Diamond Policy which covers all stages of the diamond value chain from exploration, mining, processing, valuation, marketing and beneficiation.

Under the policy any other person or entity wishing to go into the sector shall approach any one of the four approved companies for joint venture arrangements.

The government through the ZCDC shall take 46 percent and the local Community Trust 5 percent of the stake of any foreign investor who intends to go into diamond mining activities.

All rough diamonds produced from all mining operations shall be submitted to the Diamond Value Management Centre to be established by the ZCDC for cleaning, sorting and valuation, except the Murowa diamonds.

Private players shall participate in value addition after cleaning and sorting after obtaining the necessary approval.

Ten percent of the diamonds shall be reserve for local value addition.

Mines Minister Winston Chitando said the number of four had been reached to ensure effective accounting and monitoring.

 

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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