Aurex Holdings ups value addition

Business Reporter
One of Africa’s leading gold and silver jewellery manufacturers, Aurex Holdings, has increased capacity utilisation on its jewellery line to 20 percent since it resumed operations early this year from 2 percent, the Reserve Bank has said.

A subsidiary of the Reserve Bank. the company, manufactures and sells jewellery, as well as cuts and polishes diamonds.

“Aurex has resumed operations in its core activities in the beneficiation of Zimbabwe’s precious minerals and gemstones, and the cutting and polishing of diamonds.The capital injection has significantly bolstered the company’s operational capacity,” said RBZ.

The RBZ said to increase the beneficiation and production of value added goods and create more employment in line with the company’s strategic thrust and consistent with Zim-Asset, additional financial support for modernization of equipment was being mobilised.

“The aim is to increase plant utilisation capacity in the medium to long term,” said the central bank.

“It is envisaged that this will result in high operational efficiency and a marked increase in the company’s capacity for diamond cutting and polishing.”

The company revived its diamond cutting and polishing operations in April this year following the passing of enabling legislation and reduction of licensing fees.

Aurex is now licensed to cut and polish diamonds for the next 10 years. The cutting and polishing of diamonds, facilitates the creation of upstream and downstream industries, thereby creating employment.

The central bank said efforts were underway to capacitate Aurex Diamonds to enable the country to commence exports of high value polished diamonds that attract high export revenues.

Domestic beneficiation is in line with Zim-Asset, Government’s economic blueprint for 2013 to 2018 that aims to achieve sustainable development and social equity on the back of judicious exploitation of the country’s abundant human and natural resources.

The blueprint is built around four strategic clusters, namely Food Security and Nutrition; Social Services and Poverty Eradication; Infrastructure and Utilities; and Value Addition and Beneficiation.