Zim diamonds: Transparency and local focus drive i...

Zim diamonds: Transparency and local focus drive industry reform

Nyashadzashe Ndoro

Mines and Mining Development Minister, Soda Zhemu has claimed that the country is committed to a transparent and sustainable diamond sector by ensuring that the precious metal’s revenue is accounted for and benefits all stakeholders, including local communities.

He said this during his address at the Intra Africa Diamond Beneficiation and Value Addition Conference in Victoria Falls on Tuesday.

“This conference presents an excellent platform to share best practices within the African diamond industry,” Minister Soda remarked.

“We, as diamond producers, must strive to become leading figures in the value addition of our own resources,” he continued, highlighting the importance of transitioning from solely exporting rough diamonds to supplying polished gems.

Minister Soda shed light on Zimbabwe’s recently implemented Diamond Policy, stating: “Our policy reflects our dedication to transparency, accountability, and ensuring responsible diamond sourcing.”

The policy prioritises several key aspects including transparency and accountability:

“We believe in mechanisms that ensure diamond revenue is accounted for and benefits all stakeholders, including local communities,” Soda explained, adding that the Minerals Marketing Corporation of Zimbabwe is responsible for handling all diamond exports, ensuring transparency.

The Minister added that the environmentally friendly practices are crucial.

“Our policy prioritises sustainable mining methods that minimise environmental impact and promote long-term development in diamond-rich regions.

“We are committed to maximizing the value we receive from our diamonds by fostering local cutting and polishing initiatives,” Minister Soda noted. A 10% quota has been established for local companies, creating jobs and diversifying the economy.

Zhemu added that the government policy mandates community inclusion in decision-making and ensures they benefit through the Community Share Ownership Trust and corporate social responsibility projects undertaken by mining companies.

He said that Zimbabwe is loyal to global mining standards.

“We are committed to following international best practices, including compliance with the Kimberley Process Certification Scheme to prevent conflict diamonds,” the Minister affirmed adding that the country’s dedication was exemplified by chairing the Kimberley Process in 2023.

Zhemu reiterated Zimbabwe’s commitment to upholding best practices and continuous improvement within the diamond industry.