eBusiness Weekly
New Ziana
Mines and Mining Development Minister, Zhemu Soda, has called for a robust regulatory framework to guide diamond beneficiation and value addition to ensure sustainable development and equitable distribution of benefits in the sector.
His call echoed the general message coming out of the first Intra Africa Dialogue on Rough Diamond Beneficiation and Value Addition conference by the African Diamond Producers Association (ADPA) that Zimbabwe chairs which opened in the resort city of Victoria Falls on Tuesday.
President Emmerson Mnangagwa is expected to officially open the conference on Thursday.
Only a limited number of countries, among them South Africa, Botswana, Namibia and Angola, have successfully added significant value to their natural rough diamonds.
Soda said in recognising the critical importance of a robust regulatory framework, the Zimbabwe Diamond Policy embodies the country’s commitment to transparency, accountability and responsible diamond sourcing.
“We believe in transparent governance mechanisms to ensure that diamond revenues are accounted for and benefit all stakeholders, including local communities,” he said. “This we have managed to do by having all diamond exports done through our parastatal Minerals Marketing Corporation of Zimbabwe (MMCZ).”
He said Zimbabwe is dedicated to maximising the value derived from its diamond resources by promoting local beneficiation and value addition initiatives and has set a 10 percent quota policy for local diamond cutting and polishing companies to create jobs and foster diversification.
Zimbabwe also recognises the importance of community engagement and demands the inclusion of local communities in decision-making processes and ensuring they receive a fair share of diamond benefits through the Community Share Ownership Trust and encouraging diamond mining companies to conduct corporate social responsibility projects.
Soda said the country is committed to adhering to international best practices in diamond mining, including compliance with the Kimberley Process Certification Scheme (KP), which Zimbabwe chaired in 2023 and other regulations aimed at preventing the trade of conflict diamonds.
His sentiments were echoed by the Sierra Leone Deputy Minister of Mines, Mineral Resources, Umaru Napoleon Koroma, who said there is need for responsible laws that promote policies and regulations reflecting the will of diamond producing countries’ citizens to support economic development and foster positive social and economic benefits.
“African countries have often found themselves lagging behind developed nations, despite the abundance of raw materials within the continent. It is crucial that we prioritise the creation of viable local diamond beneficiation industries to gain a competitive advantage in global
markets, leveraging the fact that these precious minerals are predominantly found in Africa,” he said. – New Ziana
