Tanzania is interested in marketing its diamonds through the Dubai Diamond Exchange (DDE), according to local media reports citing a government minister.
Minerals minister Dotto Biteko was quoted by The Citizen as saying that the Dubai market offered hope for the country’s stones.
He said Tanzania produced about 500,000 carats in the 2019/2020 reporting period.
Large-scale diamond mining in Tanzania is taking place at the Williamson diamond mine in Shinyanga Region.
Production at Williamson resumed in the first half of the year after 18 months of care and maintenance since April 2020.
Petra Diamonds reached an agreement with the government of Tanzania late last year with the view to establishing a sustainable future for the Williamson Diamonds joint venture.
The Aim-listed diamond company said the agreement provided for a capital restructuring of the Williamson Diamonds entity.
The capital restructuring will include a Williamson Diamonds share issue with the effect of reducing Petra's indirect shareholding from 75% to 63% and consequently increasing the government of Tanzania's shareholding from 25% to 37%.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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