Business / Economy
Zimbabwe diamond production down 36%
07 Jul 2015 at 02:50hrs | Views
Diamond production in the first quarter was down 36 percent to 419 788,5 carats from 660 000 in the comparable year ago period.
The downward trend is expected to continue in the short term as alluvial diamonds in the vast Marange fields are fast depleting.
Mines and Mining Development Deputy Minister Fred Moyo said that the country had registered a decline in diamond production and an overall drop in mineral export earnings.
Zimbabwe sold rough diamonds worth $75,92 million in the five months to May 5, 2015 from 1 410 446,44 carats in Harare, latest data shows.
However, after accounting for 15 percent royalties, 2,5 percent management fees and 2.5 percent depletion fees, net revenue from auctioned diamonds amounted to $60,73 million.
Meanwhile, Zimbabwe is considering submitting a bid for the chairmanship of the Kimberly Process Certification Scheme which is currently held by Angola.
Mines and Minerals Development Minister Walter Chidhakwa said the issue of submitting a bid is being carefully considered.
He said Zimbabwe is a proud member of the KPCS and has contributed immensely to the defence of the diamond body. This qualifies Zimbabwe to vie for the leadership of the body.
Source - the herald
