ZMDC to set up diamond cutting, polishing plant with Indians

The Zimbabwe Mining Development Corporation (ZMDC) is set to establish a diamond cutting and polishing plant in the eastern part of the country once it gets government approval to conclude a joint venture with an unnamed Indian investor.
ZMDC chairman Godwills Masimirembwa told a diamond conference held in Zimbabwe last week that the southern African country would not polish all gems produced in the country without exporting some.
“So we will grow the cutting and polishing business, but being aware that we are part of this world because the million people employed in India would want to continue to keep their jobs,” he said.
“… we should see that progress taking place, but we should be careful in saying we would want to cut and polish everything that we produce.”
Indian companies were expected to import $1.5 billion worth of roughs from Zimbabwe this year.
Masimirembwa also said that the Minerals Marketing Corporation (MMCZ) of Zimbabwe was working on the same initiatives.
He, however, could not divulge who was partnering MMCZ.
Masimirembwa said Zimbabwe currently had no capacity to cut and polish diamonds on its own.
This was also confirmed by Zimbabwe president Robert Mugabe who said that the southern African country only polished 0.1 percent of the 8.5 million carats produced last year.

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