KP Chairmanship to help attainment of US$1 billion diamond industry
The attainment of the country’s vision to see the diamond industry fetching US$1 annual revenue by end of this year is well on course with the Kimberly Process (KP) Chairmanship expected to play a leading role in the attainment of the target, a government Minister has said.
Rudairo Mapuranga
As chair, Zimbabwe will oversee the implementation of the Kimberly Process Certification Scheme (KPCS) and operations of the working groups, Committees and administration that activate the KP. The Republic of Zimbabwe will be deputized by the United Arab Emirates who will be the KP Vice Chair for 2023.
According to the Minister of Mines and Mining Development Hon Winston Chitando leading the KPCS will see the country have an impact on the global diamond market thereby debunking the mysteries of diamond sourcing.
He said the assumption of the chairmanship is a positive step and a vote of confidence in the Zimbabwe mining industry.
“The diamond market is sensitive to the perceptions of the origins of the mineral, and, as such, Zimbabwe will benefit through a positive market perception of our diamonds.
“Leading the KPCS presents an opportunity for the country to have an impact on the global diamond market.
“The diamond sector in Zimbabwe will grow significantly from the opportunities the chairmanship of the KPCS will present to the country.
“The attainment of a US$1 billion diamond sector economy is well on course, with the KP chairmanship definitely going to help in the attainment of the target,” Hon Chitando said.
The KPCS is a global body created under the United Nations General Assembly Resolution 55/56.
It is responsible for the eradication of conflict diamonds from the global trade in diamonds.
The takeover of the KP Chairmanship will see the country leading the scheme in 2023. Zimbabwe has promised to leave a lasting legacy and a positive impact on the KP.
Stakeholders in the diamond sector have already expressed optimism about the country assuming the chairmanship of the KP stating that the assumption of the chairmanship will help in demystifying the mischievous agenda of trying to red-flag the country’s diamonds.
The year 2023 is the KP reform year where a host of changes are expected including conflict diamonds definition, implementation of tripartite arrangements in participating countries and strengthening of best practices for Artisanal and Small scale mining in diamond-producing regions among others.
Speaking to Mining Zimbabwe renowned Diamond Buying Consultant Cute Machekeche said the assumption of the chairmanship of the KP will have a positive effect on all stakeholders, and the country will significantly benefit from its God-given resource.
“The assumption of the chairmanship of the Kimberly process will impact positively on all stakeholders. Firstly it will demystify the mischievous agenda of categorizing our stones as blood diamonds. The direct impact of this will be increased competition leading to the realisation of market values on trades. The market value will stimulate the following benefits inter-alia;
“i. Increased production by miners leading to better economic performance and drive toward the target of 12 billion by 2030.
“ii. Increased foreign currency inflows which will resultantly oil the other sectors of the economy as well as enhance the country’s balance of trade.
“iii. Increased economic activity leading to increased inflows by way of taxes and royalties. This will augment the extensive national development agenda and drive towards turning Zimbabwe into a middle-income economy by 2030.
“iv. Increased potential investments and tourists as more diamond buyers will have a clearer view of the jewel that Zimbabwe is,” he said.