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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...

18 june 2018

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

Growing calls for Zim to scrap indigenisation threshold on diamonds, platinum

04 june 2018
The Chamber of Mines of Zimbabwe (COMZ) has once again urged government to drop the 51/49 indigenisation threshold on diamonds and platinum to promote investment, according to a local daily.

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Image credit: Chamber of Mines of Zimbabwe


Harare relaxed the indigenisation threshold for all minerals except platinum and diamonds.
COMZ president Batirai Manhando was quoted as saying that locals cannot afford to raise capital for 51 percent ownership.
“We appreciate the government’s position to relax other minerals, but I think this should have been extended to all minerals, more so, if you look at platinum and diamonds, which are very capital intensive minerals,” he said.
“We need more than $5 billion capital for their mining and beneficiation and these require foreign direct investment, and if we stick to the 51/49 threshold we are restricting FDI (foreign direct investment) and investors will not bring in their money.”
Manhando said investors would be wary of investing where they do not hold the majority shareholding.
Meanwhile, the country’s central bank governor John Mangudya said the mines ministry was seized with the issue to ensure that government comes up with a good policy.
“Anything that increases production in the country is needed,” he said.

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

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