Zimbabwe Looks To Boost Local Diamond Benefication

zimbabueZimbabwe’s Ministry of Mines and Mining Development revealed that it is mulling creating an incentive scheme in order to encourage increased diamond beneficiation activities in the country. Mines and Mining Development Minister Obert Mpofu told the Zimbabwean paper Newsday of the plans, Rough & Polished reported.

Mpofu said that boosting beneficiation in Zimbabwe would mean that the country could distill higher revenues from its own natural resources. He added that the stimulation of a beneficiation sector for diamonds and other precious gems would contribute towards the stability of the country’s mining industry and even of the national economy, as greater earnings would increase liquidity.

The government of Zimbabwe licensed 28 diamond companies to cut and polish diamonds in 2011, and has licensed an additional four firms since the start of the calendar year. Revenues from diamonds are projected to reach $600 million in 2012, according to Rough & Polished.

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