GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Fears of clandestine return of Zim empowerment law

02 february 2021
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Harare                                                                        Image credit: toubibe (Pixabay)


There are fears that the Zimbabwean government has clandestinely returned an empowerment law that it dropped following the ouster of the late President Robert Mugabe late 2017.
The amendment of the Empowerment Act resulted in diamonds and platinum reserved for indigenisation.
Foreign investors interested in diamonds or platinum were restricted to a maximum of 49% shareholding, while domestic investors or State institutions would control at least 51%.
The Economic Governance Watch said the Finance (No. 2) Bill, which sailed through Parliament mid-December had the potential to affect the Zimbabwean economy.
"The government had to ensure that a controlling interest in diamond and platinum mining businesses was held by the Zimbabwe Minerals Marketing Corporation, the Zimbabwe Consolidated Diamonds Company or the National Indigenisation and Economic Empowerment Fund. 
"Diamond and platinum mining businesses could not merge or restructure unless a controlling interest in the [newly] merged business was held by an appropriate designated entity; conversely, conglomerates or syndicates of such businesses could not de-merge or unbundle unless an appropriate designated entity held a controlling interest in all the resulting businesses. 
"Now that it has been amended, Section 3 applies not only to diamond and platinum mining but to businesses involved in extracting any minerals that the minister responsible for administering the Act may choose to prescribe by notice in the Gazette."
It said the minister had not yet prescribed any minerals for Section 3, so the Section was currently inoperative. 
"But at any time she may decide to reserve particular sectors of the mining industry for indigenous miners, and she can give effect to that decision simply by consulting two colleagues – the Minister of Mines and Mining Development and the Minister of Finance and Economic Development – and publishing a short notice in the Government Gazette designating the particular minerals that are to be reserved," said Economic Governance Watch.
"In fact, [under] section 21(2) (a) of the Interpretation Act, she could designate all minerals, thereby reserving the entire mining industry to indigenous control."
The mining industry in Zimbabwe generates about $2 billion and contributes 70% of export revenues annually.

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