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Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

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The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

Our first priority is to better understand artisanal and small-scale mining - Elodie Daguzan

The Diamond Development Initiative (DDI), the organization dealing with the traditional diamond mining, recently announced the appointment of Élodie Daguzan as its first Goodwill Ambassador. Ms. Daguzan, who currently works as head of communication...

04 june 2018

Zimnisky on De Beers’ Lightbox: It’s a strategic, bold move that will benefit the entire natural diamond industry

De Beers shocked all and sundry end of May when it announced the launch of a new company called Lightbox Jewelry, which will market a new brand of laboratory-grown diamond jewellery in September. This effectively meant that the group had departed from...

01 june 2018

Tracking the provenance and lifecycle of a product is a natural and necessary evolution in our industry

A senior executive with a demonstrated history of working globally at management and board levels, Marcus ter Haar has been the Managing Director at Okavango Diamond Company (ODC), Botswana for about 10 months now, prior to which he held the...

28 may 2018

Zim diamond, platinum miners want 51/49 ownership threshold scrapped

16 may 2018
The Chamber of Mines of Zimbabwe said it is lobbying the government to scrape the 51/49 percent shareholding structure in the diamond and platinum sectors.
Zimbabwe amended its unpopular empowerment law to cap majority ownership by state-owned firms to only diamond and platinum mines.
"We are engaging the government, our view is that these (platinum and diamond) are capital intensive industries and by their nature require lots of money and for us to leave platinum and diamond on the 51-49 percent we think it should be revised in line with other metals," chamber president Batirai Manhando was quoted as saying by New Zimbabwe.com.
He said these mining sectors should be opened up to allow for more capital injection.
President Emmerson Mnangagwa told Chinese investors during his recent visit to the Asian country last month that Harare was working on a new diamond and platinum mining policy to replace the 51/49 percent threshold.
The Indigenisation and Econmic Empowerment Act was designed to increase black Zimbabweans' share of the economy but were opaque and open to abuse, to the detriment of foreign investor confidence.
Mnangagwa was seeking to re-boot the economy that crumbled under the long rule of Robert Mugabe, who was forced to resign last November in a bloodless coup.
State-owned Zimbabwe Consolidated Diamond Company (ZCDC) produced 1-million carats of diamonds in the first four months of the year and was set to achieve its annual target of 3-million carats.

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

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