“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

20 may 2019

De Beers scaling up Tracr ahead of formal launch

De Beers tracked 100 high-value diamonds along the value chain during the pilot of Tracr™, its industry blockchain platform, for the first time in May last year. A De Beers spokesperson Bianca Ruakere told Rough & Polished in an exclusive interview that...

13 may 2019

The perfect couple - platinum and diamonds

The Jewelry House of Leon Megé located in New York has long been firmly established in the jewelry market as a source of magnificent jewelry, in which platinum and diamonds often sparkle being married together and attracting everyone’s eyes, but are...

06 may 2019

The technology of growing single-crystal diamonds has now become industrial in nature

It is believed that the reserves of natural diamonds will be exhausted by the middle of the century, and therefore production of synthetic diamonds is rapidly gaining relevance. According to Business Insider India’s estimates, the global synthetic diamond...

29 april 2019

De Beers only selling Elizabeth Bay Mine in Namibia, move to sustain operations beyond 2019

Namdeb Holdings, a 50/50 joint venture between the Namibian government and De Beers is not selling Daberas, Sendelingsdrift and Southern Coastal mines in the southern African country. It had been alleged that Namdeb was planning to close and offload...

22 april 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