Zimbabwe Government Plans 100% Ownership Stake of Diamond Mines

The diamond industry in Zimbabwe will soon be the property of the citizens as the Zimbabwe government has announced plans to implement total nationalization of the country’s diamond industry according to Zimbabwe’s The Standard,

The Zimbabwe government plans a 100% ownership stake of diamonds mining sector.

On Wednesday, Finance minister, Tendai Biti, said government had approved a diamond policy to enforce government’s 100% ownership of diamonds.

Biti said government had also approved the enactment of the Diamond Exploration Act that issues a directive to prohibit the exportation of unpolished or uncut diamonds.

“In the Finance Bill, we propose to amend the Revenue Act to ensure Zimra is connected to  the entire value chain, not only diamonds but other minerals,” Biti said.

Prince Mupazviriho, Mines and Mining Development permanent secretary, said on Friday as the custodians of the mining policy, the ministry had not made the announcement.

Told that Biti had announced far- reaching reforms in the mining sector, Mupazviriho said: “The issue has not been raised by the Ministry of Mines, so you have to go back to the minister who raised that.”

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Posted by WoodlawnPost on Jul 25 2012. Filed under Diamonds. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.