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Zimbabwe Urged to Curb Rough Diamond Exports

Sep 6, 2015 3:52 AM   By Rapaport News
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RAPAPORT... Zimbabwe Diamond Centre chairman Lovemore Kurotwi says the country’s government must stop exporting rough diamonds to maximize profits through beneficiation, according daily The Herald.

Kurotwi said the country was losing millions of dollars through the exportation of rough diamonds, according to the report. Speaking on August 31, Kurotwi said beneficiation and value addition was the best route to economic prosperity. "It is now time that Government stopped exportation of rough diamonds and seriously considered issues to do with value addition," Kurotwi is quoted by the daily.

"Currently, we are exporting several jobs and we are only getting just a quarter of what we are supposed to realize from our diamonds. We have no justification for not venturing into value addition because we now have the latest technology in the country and we also have highly educated and skilled manpower."

Rough diamonds are traded using a tender system to both local and international buyers, a situation Kurotwi said put local buyers at a disadvantage. He said locals were usually pushed out of business by foreign dealers who have "mighty financial muscles".

"We want Government to ensure consistent supply of diamonds to local dealers who will in turn create employment for local people at the same time bringing in the much needed foreign currency," he said.
Tags: Kurotwi, Rapaport News, Zimbabwe
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