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MP’s diamond-cutting firm lies idle

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Highfield East MP Pearson Mungofa this week said he invested millions of dollars’ worth of diamond cutting and polishing equipment, which was now lying idle at his company, Precious Gem Art (Pvt) Ltd, due to lack of raw materials.

Mungofa said the country did not have mining regulations to ensure diamond mines supplied local diamond polishing and cutting industries with the gems.

“The Mines and Mining Development minister promised that local diamond cutting and polishing companies should be given 10% of diamonds that needed to be cut and polished, but they have not yet supplied us with the raw materials,” said Mungofa.

“Millions of dollars worth of diamond-cutting and polishing equipment is now lying idle at my factory,” he said.

President Robert Mugabe, in his speech during the official opening of the Third Session of the Seventh Parliament, said the Mines and Minerals Amendment Bill would be introduced in the new session of Parliament.

Mungofa said his company was losing money by paying for the licence to operate yet there was nothing happening because the diamond mining companies were not giving them any jobs.

“My company has not been operating for a long time. Licences for diamond cutting and polishing cost $20 000 per annum and since we do not get any supplies of diamonds we lose a lot of money for nothing, as we continue to pay for those licences every year,” he said.

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