Sharon Kavhu
About six companies have been licensed to venture into diamond cutting and polishing, with four of the firms entering into joint ventures with some foreigners, it has been learnt.

This follows the lifting of the suspension of operations in the sector early this year. Government last year suspended the operations of 29 firms following revelations that they were not adhering to the terms and conditions stipulated by the country in dealing with precious stones.
Responding to the questions from The Sunday Mail Business recently, Permanent Secretary in the Ministry of Mines and Mining Development Mr Prince Mupazviriho confirmed the development, saying these investors would be partnering with locals in the cutting and polishing industry.

“Yes, there are foreign companies that have ventured in the local cutting and polishing industry under the new regulations. At the moment we have six companies that have been licensed and of these, four of them have foreign investors as partners in the local cutting and polishing ventures,” said Mr Mupazviriho.
He said all diamond-cutting and polishing companies in Zimbabwe had indigenous participation.
Sources in the diamond-cutting and polishing industry revealed that the majority of the investors were companies from India.

“They are investors from the United Kingdom, United States, Canada, Brazil and with the majority of them being from India eyeing to invest with local companies in Zimbabwe,” said a source.

Mr Mupazviriho said Government was in the middle of crafting a raft of measures to boost the country’s diamond-cutting and polishing industry and facilitating a conducive environment for investors.

“The ministry is very aware that the cutting and polishing companies have committed significant investments in purchasing equipment, security systems and research and development.

“It is against this background that the ministry is coming up with a cocktail of measures to help the diamond-cutting and polishing industry, chief among them being access to 100 percent gem quality,” he said.