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Zim to scrap tax on locally polished diamonds

11 november 2014
Zimbabwe said it is planning to scrap or reduce royalties for diamonds that are being cut and polished in the country.
Mines and mining development minister Walter Chidhakwa told a diamond conference in Harare that this would likely include the removal of 15 percent value added tax on the locally polished gems as well.
“We are … looking as we go towards the budgeting process at the possibility of reducing or eliminating royalties for those diamonds that are destined for local cutting and polishing including the removal of the 15 percent Value Added Tax (VAT) as part of efforts to improve the environment,” he said.
“In our discussions in government we recognise that the process of value addition and beneficiation is the process of industrialisation and industrialisation has its own cost.”
He said to create the cutting and polishing industry of diamonds there was a likelihood of giving up certain revenue inflow through government.
Zimbabwe had been of late conducting diamond auctions in Dubai and at the Antwerp World Diamond Centre.
Harare increased diamond royalties last January to 15 percent from 10 percent.

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