“Only do business with clients who have impeccable integrity,” suggests Davy Blommaert, banker

Davy Blommaert heads the Diamond Business at National Bank of Fujairah, which falls under the bank’s corporate and institutional banking division. With nearly 10 years of experience in the diamond industry, he was tasked to establish a unit within NBF...

18 march 2019

Russia’s export legislation is like a log on the road making it difficult to drive through

Eduard Utkin, General Manager of the Russian Jewellers Guild Association, which is a member of the Russian Federation Chamber of Commerce and Industry, answers the questions from Rough & Polished regarding the activities of the country’s professional...

11 march 2019

Botswana mum on new demands as negotiations with De Beers draw closer

Botswana said it will begin new diamond marketing and sales negotiations with De Beers in June or July this year. Mineral resources minister Eric Molale told Rough & Polished’s Mathew Nyaungwa on the sidelines of a mining conference in Cape Town, South...

04 march 2019

DLX-jewellery will focus more on colour stone designed pieces as well as diamond jewellery sets going forward - Jack Chen, General Manager, DLX-Jewellery

Graduating in International Business from an Institute in Sydney, Australia, in 2015, Jack Chen returned to China to start managing his family-owned jewellery business. Besides holding a certificate in a practical diamond course at Gemological Institute...

25 february 2019

Ali Pastorini: “We have to change a little the way to sell the idea that buying jewelry is just for glamour”

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 1000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

18 february 2019

Zimbabwe to drop indigenisation rule on diamonds, platinum

11 march 2019

Zimbabwe is set to drop an empowerment rule requiring local investors to control diamond and platinum mines as it is hampering foreign direct investment, government officials have said.
It will be scrapped and foreigners will be allowed to own 100% in a bid to revive investment.
“We are removing that indigenisation rule, which is discouraging foreign direct investment,” Bloomberg quoted finance minister Mthuli Ncube as saying in an interview with Bloomberg Television in Washington.
“We say Zimbabwe is open for business; you can only be open if you allow ownership of 100%.”
Mines Minister Winston Chitando also said in a separate interview that the new rules could be extended to diamond mining.
The changes to the ownership rules would need parliament approval.
Zimbabwe revised the empowerment law in March 2018, but limited majority ownership by locals and State-owned companies to only diamond and platinum mines.
Zimbabwe’s new president Emmerson Mnangagwa was battling to re-boot the economy that crumbled under the long rule of Robert Mugabe, who was forced to resign in a bloodless coup in November 2017. 
The former president was a strong believer in the empowerment law.
The Indigenisation and Economic 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.
Zimbabwe holds the world’s second-largest known reserves of platinum-group metals after South Africa.
It also holds considerable deposits of gold, diamonds, lithium, iron ore, coal, chrome and nickel.

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