The Reserve Bank of Zimbabwe has reportedly accumulated a remarkable stockpile of 300,000 carats of diamonds and 350 kg of gold, according to a report from the state-run Sunday Mail.
The reason behind this accumulation is the implementation of new regulations that require miners to allocate 50% of their royalties in the form of commodities.
The governor of the central bank, John Mangudya, said it is difficult to quantify the exact value of the diamond stockpile.
Zimbabwe Consolidated Diamond Company, RZM Murowa and the Chinese’s Anjin Investments are the exclusive diamond producing companies in Zimbabwe.
Russia’s ALROSA, is currently prospecting for diamonds in the country.
The RBZ governor also said that Zimbabwe's gold reserves are estimated to be around 350 kilogrammes, equivalent to $20 million.
Zimbabwe has implemented regulations that stipulate miners must pay the government half of their royalties in the form of commodities and the remaining half in cash.
The move seeks to augment the country’s mineral reserves.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
