Published: 12 May 2014

Government has gazetted regulations empowering local diamond companies to grade, cut, polish, crush and process the stones as well as sell them to international buyers.

This is in line with the Minerals Marketing Corporation of Zimbabwe (Diamond Sales to Local Diamond Manufacturers) (Amendment) Regulations of 2014 (Number 1).

Under the new rules diamond mines are now required to sell at least 10 percent of their rough diamonds to local industries as government pushes for more value addition of gems on the domestic market.

Diamond companies are compelled to submit written returns to the MMCZ general manager in relation to that quota of carats of rough diamonds purchased from the local diamond pool.

Defaulters of this regulation may be barred from further business in the sector.

Government said every diamond processor could participate in international rough diamond sales upon application to the MMCZ general manager.
- The Herald

You might also want to read this

• Zimbabwe to auction 500 000 carats
• Murowa begins diamond exploration in Chivi
• CCTV sells out diamond-thieving guard
• ZCDC to extract Chihota diamonds
• African govts fight 'conflict diamonds' resolution
• Zimbabwe courts diamond buyers in Belgium
• Govt to improve diamond sector governance
• River Ranch Mine remains idle
• Zimbabwe resumes diamond auction
• Chinese firm loses Zim diamonds court battle