adminimpediments, the annual output of diamonds is likely to exceed 12 million carats.
He was speaking while officially opening a Chamber of Mines conference in Victoria Falls.
“We were supposed to have collected US$54 million from diamonds per month, but this may not be achieved due to sanctions,” said Minister Mpofu. “We note with concern the continued imposition of illegal sanctions on some of our producers hampering fair trade and this may lower earnings.”
Finance Minister Tendai Biti estimated last year that diamond revenue would contribute US$600 million to the US$4 billion 2012 National Budget after the country obtained the KPCS approval to sell its gems.
But Zimbabwe has not been having a fair access to international markets due to sanctions imposed on some diamond producers.
Diamond revenue to the fiscus amounted to US$166 million last year, excluding taxes and royalties.
Minister Mpofu said the formulation of the diamond policy, which seeks to sustain development of the diamond industry and its contribution to the economy was progressing well.
The policy would facilitate optimisation of diamonds throughout the value chain, security and accountability of diamond revenue, he said.
The Ministry of Mines and Mining Development was also working on amendments to the Precious Stones Act as the current one has deficiencies that make it inadequate to effectively regulate the diamond industry.
It is also amending the Mines and Minerals Act that would provide competitive mining policy, which offers friendly operating environment.
Peter Tanyanyiwa
- Herald , none
- June 5, 2026
- 2 views
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