Zimbabwe Treasurer Calls For Diamond Regulatory Agency

polish diamond-Israel Diamond InstituteZimbabwe’s finance minister Tendai Biti is calling for the establishment of an independent body that would oversee the production and sale of diamonds, according to a report in the Zimbabwean newspaper The Herald.

Zimbabwe’s diamonds are a key source of revenue for the African country, which Biti says makes it more imperative for the country to keep closer tabs on its output and revenue.

“There is a huge gap between what is happening and what we (the Treasury) are receiving,” Minister Biti told reporters during the Zimbabwe Investment and Trade Conference.

According to The Herald, officials in Zimbabwe project that the diamond industry will net $600 million in revenue, though they say that figure could easily be surpassed if only there was a mechanism that allowed for transparency in the exploitation process.

The Herald reported that Anjin is alone capable of producing 45 million carats within a span of three months, which is the same output that the entire industry reports in one year.

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