eBusiness Weekly
Business Writer
International diamond buyers are reportedly making inquiries to purchase diamonds from Zimbabwe following the recent lifting of sanctions on the state-owned Zimbabwe Mining Development Corporation (MMCZ) by the US., a senior official has said.
The MMCZ, a key player in Zimbabwe’s diamond industry, had been subject to US sanctions along with other state-owned entities and individuals. The sanctions were imposed in response to concerns about the country’s land reform programme.
On March 5, 2024, the US took a two-pronged approach towards Zimbabwe by lifting sanctions on individuals and entities while simultaneously imposing fresh restrictive measures on 11 individuals, including President Mnangagwa, under their Global Magnitsky programme.
While the recent easing of some restrictions offers a glimmer of hope, the Zimbabwe Economic Recovery and Development Act (ZIDERA) remains in effect.
Dr Nomsa Moyo, acting general manager of the MMCZ, stated the corporation is actively re-engaging with previous buyers. They are also receiving inquiries from new international buyers.
Dr Moyo said that many companies previously paused purchases from Zimbabwe due to the sanctions imposed on the MMCZ.
“We’re actively re-connecting with previous buyers and welcoming inquiries from new ones,” Dr Moyo said. “The lifting of sanctions allows us to move forward as a trusted partner in the diamond trade.”
Zimbabwe uses an auction system to sell diamonds, where buyers compete with bids for the precious stones.
State-owned Zimbabwe Consolidated Diamond Company, the country’s largest producer is targeting revenue of US$1 billion by 2030.
