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...

Today

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Zim eyes $640 mln from Marange diamond revenue

27 february 2012

Zimbabwe is expecting diamond revenue from Marange to reach $640 million this fiscal year from the previous $150 million, a local newspaper reports.
The Herald quoted the Ministry of Finance as saying that the Kimberley Process trade embargo, which had been in place since November 2009 but lifted late last year, had previously hampered diamond sales.
The ministry said it was also necessary for the Zimbabwe Revenue Authority to play its part in the entire value chain of diamonds from mining, marketing, to distribution and collection to the government.
“Currently, the revenue authority (Zimra) merely receipts remittances of royalties collected by the Minerals Marketing Corporation of Zimbabwe from sale of minerals,” said Finance Secretary Willard Manungo, in a speech read on his behalf at a stakeholders’ consultation workshop on diamond policy.
 “However, in order to increase mineral revenue inflows to the fiscus, the revenue authority should put in place a mechanism to verify throughput of extracted minerals. It is important to conclude as a matter of urgency work on the diamond bill in order to enhance transparency.”
The workshop was organised by the Ministry of Mines and Mining Development to get contributions from stakeholders in the diamond industry for consideration in the formulation of a new Diamond Act.
Mines and Mining Development Permanent Secretary Prince Mupazviriho said that the implementation of the policy will promote integration of the diamond industry into the economy and ensure that the sector makes meaningful contribution to the fiscus.
Zimbabwe had been using the Precious Stones Trade Act for the administration of the industry since the first discovery of diamond deposits in 1903.
The state-owned Zimbabwe Mining Development Corporation was in 50/50 joint venture partnerships with Anjin Investments, Diamond Mining Corporation, Mbada Diamonds, and wholly owns Marange Resources.

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