Zimbabwe: Cabinet approves new policy that will allegedly promote accountability in diamond mining
Author: Felex Share, The Herald, Published on: 17 December 2018
"Diamond policy gets Cabinet nod", 6 December 2018.
Cabinet yesterday approved the Zimbabwe National Diamond Policy which is expected to regulate the diamond mining sector and ensure accountability in the mining, processing and selling of the precious mineral. The policy will see only the Zimbabwe Consolidated Diamond Company (ZCDC), Murowa Diamonds and two other companies to be approved by Government undertaking diamond exploration and mining in the country...Outlining the key features of the policy, Minister Ndlovu said: “Any other entity or person with diamond mining title shall approach any one of the four approved companies for joint venture arrangements. Government through ZCDC shall be the 46 percent and the local Community Trust — the 5 percent indigenous partners of any foreign investor who intends to undertake diamond mining activities in Zimbabwe. Government may waive that local ownership threshold subject to satisfactory submissions and due diligence...Government, in consultation with stakeholders, came up with the diamond policy after observing loopholes that made it inadequate to effectively regulate the diamond industry in the face of emerging developments and new dynamics in the industry...