Business / Economy
Zimbabwe's minerals export earnings decline
07 Jan 2015 at 13:58hrs | Views
Zimbabwe's diamond export earnings for the month of November went down 58,4 percent in November to $6,6 million from $16 million in October, figures from Zimstats have shown.
Unsorted diamonds worth $14,2 million were exported in the period, down from $18 million exported in the month of October. Industrial diamonds worth $7,5 million were exported, up from $1,6 million worth of diamonds exported in October.
There were no exports of non-industrial diamonds in the review period.
According to Zimstat, cumulative diamond exports in the 11 months to November 2014 totaled $207 million.
The diamond industry grew significantly between 2009 and 2012. However, export sales have been falling over the past 2 years due to a decline in production with sales falling by about 39 percent in 2013.
Government last year scraped royalties and value added tax from diamonds that are cut and polished by local companies as part of measures to promote local value addition and beneficiation as well as employment creation in line with ZimAsset.
This is also expected to significantly grow earnings from polished diamond sales as the country has been earning less for raw diamonds.
Figures from ZimStats also showed that gold exports in the month of November went down 23 percent at $46 million from $59,3 million recorded in October.
In the 11 months to November, cumulative gold export earnings stood at $496 million.
Gold deliveries have been increasing since the re-opening of Fidelity Printers and Refiners in 2013 paving the way for the country's readmission to the London Bullion Market Association.
Platinum exports in the period under review totaled $9,2 million down from $13,5 million recorded in October.
Cumulatively platinum exports brought in $125 million in the eleven months to November.
This could be attributed to the decline in production which resulted from the collapse of Zimplats' Bimha mine in August last year leading to its closure.
Unsorted diamonds worth $14,2 million were exported in the period, down from $18 million exported in the month of October. Industrial diamonds worth $7,5 million were exported, up from $1,6 million worth of diamonds exported in October.
There were no exports of non-industrial diamonds in the review period.
According to Zimstat, cumulative diamond exports in the 11 months to November 2014 totaled $207 million.
The diamond industry grew significantly between 2009 and 2012. However, export sales have been falling over the past 2 years due to a decline in production with sales falling by about 39 percent in 2013.
Government last year scraped royalties and value added tax from diamonds that are cut and polished by local companies as part of measures to promote local value addition and beneficiation as well as employment creation in line with ZimAsset.
This is also expected to significantly grow earnings from polished diamond sales as the country has been earning less for raw diamonds.
Figures from ZimStats also showed that gold exports in the month of November went down 23 percent at $46 million from $59,3 million recorded in October.
In the 11 months to November, cumulative gold export earnings stood at $496 million.
Gold deliveries have been increasing since the re-opening of Fidelity Printers and Refiners in 2013 paving the way for the country's readmission to the London Bullion Market Association.
Platinum exports in the period under review totaled $9,2 million down from $13,5 million recorded in October.
Cumulatively platinum exports brought in $125 million in the eleven months to November.
This could be attributed to the decline in production which resulted from the collapse of Zimplats' Bimha mine in August last year leading to its closure.
Source - BH24
