Russian and global diamond giant, ALROSA is set to own a 70% stake of its joint venture with the state-owned Zimbabwe Consolidated Diamond Company (ZCDC), according to the local media.
State-broadcaster, Zimbabwe Broadcasting Corporation (ZBC) reports details of the joint venture between ALROSA and ZCDC will be finalized this month.
Zimbabwe previously barred foreign-owned companies from earning more than 49% in diamond and platinum projects.
However, Harare decided to drop its indigenisation policy following the deposing of the late president Robert Mugabe in 2017.
ALROSA and ZCDC inked a deal last July to explore and mine diamonds in Zimbabwe.
ALROSA chief executive Sergey Ivanov previously said his company will invest an initial $12 million in the venture.
According to him, ALROSA sees a lot of potential and will invest more in the coming years depending on the outcome of the exploration.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
High-tech trend is most promising for industries using diamonds
Synthesis Technology is a leading diamond producer in Russia. The company produces carbon single crystals - lab-grown diamonds and single-crystal wafers. The diamonds completely identical to natural ones are ‘grown’ at the laboratory using advanced HPHT...
25 february 2020
Diamex Lab: Our technology allows you to trace the history of the origin of each stone
Gleb Sverdlov, CEO of Diamex Lab told Rough & Polished in his interview below about the development of IT technologies for the market of rough and polished diamonds and jewelry.
17 february 2020
The future of the market goes hand in hand with gemology
After 2019, a challenging year for the global diamond industry, we asked Yuri Shelementyev, head of the Moscow State University (MSU) Gemmological Center and president of the National Gemological Association (NGA), to share his views...
10 february 2020
Diamond industry in healthier position going into 2020
The diamond industry is in a healthier position going into 2020 due to actions taken last year, according to De Beers. Group spokesperson David Johnson told Rough & Polished’s Mathew Nyaungwa that the actions taken included reducing rough diamond production...
03 february 2020
Ethical sourcing and Diamonds Standards Organization
The diamond sector is ready to embrace a new decade and overcome some of its historical challenges. Ethical sourcing has proven to be undoubtedly one of the main aspects that industry professionals need to address. Antonio Cecere, President of Geneva...
27 january 2020
