New Zimbabwe Law Aims To Beneficiate Diamonds

The new law will call for the setting-aside of some of the diamonds mined in the country for local polishing, Chidhakwa said, reported South Africa’s NewsDay.   

Walter Chidakwa, Zimbabwe’s Mines and Mining Development Minister, says the government will this week update the country’s diamond laws in a bid to increase value-addition and local polishing in the gems business.
 
“What we have discovered is that the way the [current] piece of legislation was drafted left room for non-performance on the part of producers of diamonds,” he said.

Chidhakwa said the new law would demand that diamond producers in the country to sell at least 10 percent of their stones to cutters and polishers in Zimbabwe.

The changes create “fairly dramatic movement towards the facilitating of these companies so that we can move forward and enhance value,” Chidhakwa said.

More than 20 companies are involved in diamond polishing and cutting in the country.