Zimbabwe diamond policy approved

diamondImage source: Steven DepoloZimbabwe’s government has approved a policy designed to guarantee the sustainable development of the country's diamond industry

According to the mines and mining development minister, Obert Mpofu, the policy will facilitate the optimisation of the diamond industry through the value chain, security, and accountability of diamonds in order to warrant the full realisation of its potential.

Mpofu said, "The policy will contribute to the creation of an environment that attracts both foreign and local investment in the sustainable exploitation of the country's diamonds, as governed by the country's laws and best international practice."

He added that the policy was a major development in addressing the concerns regarding transparency and accountability, encompassing what has already begun on the mining and marketing of diamonds.

Zimbabwe's diamond revenue in 2011 amounted to US$166 million, whereas this year the treasury expects it to jump to $600 million.

"Diamond production in 2011 rose a marginal 3.4 per cent on the 2010 figure," Mpofu noted.

Wallace Mawire

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