Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

Yesterday

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Nigeria to exclusively award mining licences to firms committed to processing locally

03 april 2024

The Nigerian government has announced that it will require companies seeking new mining licences to provide a detailed plan for local mineral processing.

The move aims to ensure that the country maximises the benefits of its mineral resources.

The minister of solid minerals development, Dele Alake, said the new policy requires value addition as a condition for obtaining licences, to generate employment opportunities and support local communities.

The timing of when the guidelines will be finalised or come into effect was not disclosed.

Alake, who also leads an African mining strategy group consisting of mining ministers from Uganda, the Democratic Republic of Congo, Sierra Leone, Somalia, South Sudan, Botswana, Zambia, and Namibia, is advocating for a collective endeavour across the continent to ensure that local communities reap the greatest possible rewards from mineral exploration.

Nigeria's spokesperson for the minister of solid minerals development Segun Tomori said the country plans to provide incentives for investors, such as tax waivers for importing mining equipment, simplified procedures for obtaining electricity generation licences, the ability to fully repatriate profits, and enhanced security measures.

"In exchange, we have to review their plans for setting up a plant and how they would add value to the Nigerian economy," Tomori was quoted as saying by Reuters.

Nigeria, a leading energy producer in Africa, has faced challenges in maximising the potential of its abundant mineral resources.

This has been primarily attributed to inadequate incentives and a lack of attention.

The mining sector in the country is severely underdeveloped, making a meagre contribution of less than 1% to the gross domestic product.

According to the country's statistics bureau, Nigeria exported tin ore and concentrates worth about 137.59 billion naira ($108.34 million) last year, with China and Malaysia being the main destinations.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished