×
NewsDay

AMH is an independent media house free from political ties or outside influence. We have four newspapers: The Zimbabwe Independent, a business weekly published every Friday, The Standard, a weekly published every Sunday, and Southern and NewsDay, our daily newspapers. Each has an online edition.

SA investor splashes $2,5m on diamond school

News
A South African investor has invested $2,5 million to set up a diamond jewellery making training school at the Zimbabwe Diamond Education College, an official has said. ZDEC is a tertiary institution located in Mount Hampden and is owned by Core Mining chairman Lovemore Kurotwi. ZDEC was established in 2010 and is accredited by the […]

A South African investor has invested $2,5 million to set up a diamond jewellery making training school at the Zimbabwe Diamond Education College, an official has said.

ZDEC is a tertiary institution located in Mount Hampden and is owned by Core Mining chairman Lovemore Kurotwi.

ZDEC was established in 2010 and is accredited by the Mining Qualifications Authority as a service provider in the diamond industry. Stephen Muchenje, an administrative executive at the diamond school, told journalists recently that ZDEC, currently specialising on diamond cutting and polishing, will in the next two weeks partner with a new investor.

The deal will result in the college processing gems to make jewellery for training purposes.

“A foreign investor should be coming soon to help us expand the college. The diamond processing will not be for commercial purposes,” Muchenje said.

“The deal has been signed and we now await arrival of the equipment from Monaco Jewellers, which is owned by Daniel Samuel.”

Muchenje criticised the country’s diamond industry saying there was need to review policy and regulations in the sector.

He added that the new licencing fees for diamond processing companies were discouraging participation of indigenous people in the mainstream economy.

The government this year raised levies for diamond processors to $100 000 from $20 000, resulting in registered processors declining to seven from about 20.

“Six years down the line (after the discovery of Marange alluvial diamonds), there is no clarity on the diamond industry. Why should there be mysticism in the sector? The diamond industry needs to be organised,” he said.

Treasury has in the past attributed the country’s stagnated revenue inflows to the underperformance of the diamond sector saying a new diamond policy was critical in improving transparency in the sector.

Official figures show that a cumulative revenue shortfall stood at $244,2 million by end of June 2012, with a large portion being on account of diamond dividends shortfalls amounting to $229,3 million.

There are currently four companies operating diamond mines in Marange: Anjin, Marange Resources, Mbada and the Diamond Mining Corporation.