Zimbabwe dedicated to maximize value from diamonds – Minister Soda
Zimbabwe is dedicated to maximizing the value derived from its diamond resources by promoting local beneficiation and value-addition initiatives, Minister of Mines and Mining Development Hon. Zhemu Soda has said.
Delivering a keynote address at the 9th General Meeting of the African Diamond Producers Association (ADPA) of the Council of Ministers, Minister Soda mentioned that Zimbabwe has set a 10% quota policy for local diamond-cutting and polishing companies, which has worked incredibly in creating jobs and growth in the diamond chain in Zimbabwe.
“We are dedicated to maximizing the value derived from our diamond resources by promoting local beneficiation and value-addition initiatives. Zimbabwe has set a 10% quota policy for local diamond-cutting and polishing companies. This initiative has created jobs and fostered economic diversification,” Hon. Soda said.
Minister Soda also applauded ADPA for organizing the Council of Ministers meeting, an opportunity for knowledge sharing on best practices in the diamond sector.
He said Africa should take a leading role in promoting value addition and beneficiation of diamonds.
“As diamond producers, we should be the leaders in the value addition of our mineral resources. It is time that we take a leading role not as producers of rough diamonds but as suppliers of cut and polished diamonds,” he said.
Speaking at the same event, ADPA Executive Director Ella Muchemwa said the conference should come up with actionable takeaways.
“The key takeaway is to have a list of actionable recommendations,” she said.
Zimbabwe recognizes the critical importance of a robust regulatory framework to ensure sustainable development and equitable distribution of benefits in the diamond sector.
The Zimbabwe Diamond Policy embodies the country’s commitment to transparency, accountability, and responsible diamond sourcing. The policy is premised on the following key pillars:
Transparency and Accountability: Zimbabwe believes in transparent governance mechanisms to ensure that diamond revenues are accounted for and benefit all stakeholders, including local communities. The government has managed to do this by having all diamond exports done through its parastatal Minerals Marketing Corporation of Zimbabwe (MMCZ).
Sustainable Development: Zimbabwe’s policy prioritizes sustainable diamond mining practices that minimize environmental impact and promote long-term socio-economic development in diamond-producing regions.
Beneficiation and Value Addition: The country is dedicated to maximizing the value derived from its diamond resources by promoting local beneficiation and value-addition initiatives. Zimbabwe has set a 10% quota policy for local diamond-cutting and polishing companies. This initiative has created jobs and fostered economic diversification.
Community Participation: Zimbabwe recognizes the importance of community engagement. Our policy mandates the inclusion of local communities in decision-making processes and ensures that they receive a fair share of diamond benefits through the Community Share Ownership Trust and through encouraging diamond mining companies to conduct Corporate Social Responsibility Projects.
International Best Practices: Zimbabwe is committed to adhering to international best practices in diamond mining, including compliance with the Kimberley Process Certification Scheme and other relevant regulations aimed at preventing the trade of conflict diamonds. The government is committed to the Kimberley Process and has seen Zimbabwe chairing the KP in 2023, which was a responsibility we gladly accepted.