Zim losing over US$50 million through gemstone smuggling
The country is losing over 50 million dollars every year through overnight and illicit sales of the country’s gemstones an official has revealed.
Prince Sunduzani
This shocking revelation comes at a time when the country is targeting a similar amount in the gemstones revenue.
This has been happening under the radar, with the semi-precious stones being sold overnight to illegal dealers who are taking advantage of the informal nature of the gemstones industry in Zimbabwe.
Dealers from various countries come into gemstone producing areas and purchase gemstones silently smuggling them out of the country.
MMCZ deputy general Manager-Marketing Mr Masimba Chandavengerwa made this shocking revelation while admitting that the figure could be even more than the estimate given that these underhand dealings are happening clandestinely.
He said following this realisation, his organisation is coming up with measures to halt these illicit trades and save the country from being defrauded.
“No one can put a figure on that because it is happening at night. But we think over $50 million is being lost. Judging by the activity in the area, we feel a lot more is being recovered and being sold illegally.”
“We want to curb this. Whoever is buying at night, knows that it’s illegal. If we knew them we would have made sure the system gets hold of them, but what we know is that there is production going on and some product is being produced but it’s not coming through proper channels. Which means there is some activity happening outside the laws.”
He said miners involved in these deals are losing value and endangering themselves while calling on them to operate within the confines of the law.
We are saying to them you’re losing value, you’re exposing yourselves to illegal activities and you can be hurt in the process. When you lose value you’re hurting your future, so we are saying to the communities, come through to MMCZ through your associations and we will guide you,” Chandavengerwa said.
Miners have historically accused the MMCZ of bureaucratic means of doing business.