The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

Yesterday

Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Johan Erikson: The industry needs to spend more on advertising and marketing

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily...

08 june 2020

Zim under fire for lowering diamond royalty

28 november 2019
Zimbabwe has come under fire for its plans to review the royalty on diamond from the current 15% to 10% of gross revenue from 1 January, 2020.
Mining rights advocacy groups cited by Chat263 said Harare slashed the diamond royalty to appease investors instead of up-scaling its exploration capacity in the diamond sector.
Centre for Research and Development director James Mupfumi said the 33% reduction will not result in improved production if diamond extraction remained shrouded in secrecy.
The country’s finance minister Mthuli Ncube said earlier this month in his presentation of the 2020 National Budget Statement to Parliament that diamond miners are now exploiting conglomerate deposits, hence the cost of extraction has significantly increased.
“In order to promote investment in exploration and extraction, I propose to review the royalty on diamond from 15% to 10% of gross revenue, with effective from 1 January, 2020,” he said.
Diamond miners had lobbied government to lower the royalty arguing it was too high compared to neighbouring countries coupled with high cost of mining conglomerates compared to alluvial stones as was the case when Marange alluvial diamond fields were discovered in 2006.
Diamonds are expected to add at least $1 billion to the $12 billion that Zimbabwe is expecting the mining industry to contribute to the country’s gross domestic product by 2023.
Zimbabwe is also planning to more than triple its diamond output to 11 million carats by 2023 from 3.2 million carats last year.

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