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Chiwenga urges diamond value-addition to boost Zimbabwe exports
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Vice-President Constantino Chiwenga has stressed the importance of value addition in Zimbabwe's diamond industry as a means to maximise export earnings and enhance the sector's contribution to the national economy. Speaking during a visit to the Zimbabwe Consolidated Diamond Mining Company (ZCDC) in Chiadzwa on Wednesday, Chiwenga highlighted the potential for local processing of diamonds as a key avenue for boosting the country's economic prospects.
"The diamond industry is dynamic, presenting both unprecedented challenges and opportunities," Chiwenga stated. "One of the key challenges is the global downturn in rough diamond prices, which has impacted profitability. Mining companies must shift focus to value addition, as there's no reason we cannot process our diamonds locally."
Chiwenga's remarks come at a time when Zimbabwe is looking to enhance the value extracted from its natural resources, including diamonds, to reduce reliance on raw exports. He commended ZCDC's investment in advanced technology, which has bolstered the company's capacity to process diamonds more efficiently and effectively.
Mines and Mining Development Deputy Minister Polite Kambamura echoed Chiwenga's call for value addition, emphasizing that the newly upgraded facilities at ZCDC signify a major leap in the country's mining sector. "These facilities demonstrate a commitment to excellence in processing and showcase the immense potential within the mining sector, as envisioned by President Emmerson Mnangagwa," Kambamura said.
The visit also drew support from Manicaland Provincial Affairs and Devolution Minister Misheck Mugadza, who pointed out that ZCDC's contributions were playing a significant role in growing the local economy of Manicaland, where Chiadzwa is located.
Zimbabwe's mining sector is a critical pillar of its economy, accounting for approximately 12% of the GDP and contributing 80% of the country's export earnings. The government's push for value addition aligns with its broader vision of increasing revenue from natural resources while creating jobs and fostering sustainable economic growth.
ZCDC's ongoing technological advancements and its commitment to developing local processing facilities are seen as key steps in realising this goal. By refining diamonds locally, Zimbabwe seeks to capture more value from its natural resources and reduce the export of raw materials, which has traditionally limited the country's economic benefits from mining. This approach is expected to improve the country's competitiveness in the global market.
As Zimbabwe continues to prioritise resource beneficiation, the diamond industry is positioned to play a vital role in the nation's economic transformation, with the potential to drive significant growth and development across various sectors.
"The diamond industry is dynamic, presenting both unprecedented challenges and opportunities," Chiwenga stated. "One of the key challenges is the global downturn in rough diamond prices, which has impacted profitability. Mining companies must shift focus to value addition, as there's no reason we cannot process our diamonds locally."
Chiwenga's remarks come at a time when Zimbabwe is looking to enhance the value extracted from its natural resources, including diamonds, to reduce reliance on raw exports. He commended ZCDC's investment in advanced technology, which has bolstered the company's capacity to process diamonds more efficiently and effectively.
Mines and Mining Development Deputy Minister Polite Kambamura echoed Chiwenga's call for value addition, emphasizing that the newly upgraded facilities at ZCDC signify a major leap in the country's mining sector. "These facilities demonstrate a commitment to excellence in processing and showcase the immense potential within the mining sector, as envisioned by President Emmerson Mnangagwa," Kambamura said.
The visit also drew support from Manicaland Provincial Affairs and Devolution Minister Misheck Mugadza, who pointed out that ZCDC's contributions were playing a significant role in growing the local economy of Manicaland, where Chiadzwa is located.
Zimbabwe's mining sector is a critical pillar of its economy, accounting for approximately 12% of the GDP and contributing 80% of the country's export earnings. The government's push for value addition aligns with its broader vision of increasing revenue from natural resources while creating jobs and fostering sustainable economic growth.
ZCDC's ongoing technological advancements and its commitment to developing local processing facilities are seen as key steps in realising this goal. By refining diamonds locally, Zimbabwe seeks to capture more value from its natural resources and reduce the export of raw materials, which has traditionally limited the country's economic benefits from mining. This approach is expected to improve the country's competitiveness in the global market.
As Zimbabwe continues to prioritise resource beneficiation, the diamond industry is positioned to play a vital role in the nation's economic transformation, with the potential to drive significant growth and development across various sectors.
Source - newsday
