Zimbabwe is expecting diamond revenue from Marange to reach $640 million this fiscal year from the previous $150 million, a local newspaper reports.
The Herald quoted the Ministry of Finance as saying that the Kimberley Process trade embargo, which had been in place since November 2009 but lifted late last year, had previously hampered diamond sales.
The ministry said it was also necessary for the Zimbabwe Revenue Authority to play its part in the entire value chain of diamonds from mining, marketing, to distribution and collection to the government.
“Currently, the revenue authority (Zimra) merely receipts remittances of royalties collected by the Minerals Marketing Corporation of Zimbabwe from sale of minerals,” said Finance Secretary Willard Manungo, in a speech read on his behalf at a stakeholders’ consultation workshop on diamond policy.
“However, in order to increase mineral revenue inflows to the fiscus, the revenue authority should put in place a mechanism to verify throughput of extracted minerals. It is important to conclude as a matter of urgency work on the diamond bill in order to enhance transparency.”
The workshop was organised by the Ministry of Mines and Mining Development to get contributions from stakeholders in the diamond industry for consideration in the formulation of a new Diamond Act.
Mines and Mining Development Permanent Secretary Prince Mupazviriho said that the implementation of the policy will promote integration of the diamond industry into the economy and ensure that the sector makes meaningful contribution to the fiscus.
Zimbabwe had been using the Precious Stones Trade Act for the administration of the industry since the first discovery of diamond deposits in 1903.
The state-owned Zimbabwe Mining Development Corporation was in 50/50 joint venture partnerships with Anjin Investments, Diamond Mining Corporation, Mbada Diamonds, and wholly owns Marange Resources.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Sarine’s David Block: Diamond Industry at Standstill Until Chinese Demand Returns
David Block is CEO of Israel’s Sarine Technologies and has served in the position since 2012. In this exclusive interview for Rough and Polished, Block gives his opinion on the leading issues affecting today’s diamond trade.
11 september 2024
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
Lyudmila Vysotskaya: Amber is a mystical stone, a living substance
Lyudmila Vysotskaya is a Kaliningrad-based amber artist and designer, expert, chairwoman of the Amber Academy and member of the Creative Union of Artists in Decorative and Applied Arts. This summer, visitors could admire the art works by Lyudmila Vysotskaya...
30 july 2024
