RBZ to account for all Marange diamond export proceeds

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ALL diamond export sales proceeds of the amalgamated diamond producer in Marange would be accounted for by the Reserve Bank of Zimbabwe (RBZ) as government moves to plug leakages, governor John Mangudya said yesterday.

BY BUSINESS REPORTER

Since the discovery of diamonds in Marange, little has trickled to Treasury coffers, unlike in other countries where diamond revenue contributes up to 30% of fiscal revenue.

Mangudya said unlike gold and tobacco, which have significantly contributed to the liquidity in the economy, diamonds have been a huge disappointment.

DIAMOND

He said the Zimbabwe Consolidated Diamond Company (ZCDC) — an amalgamation of Marange Resources, Kusena and Gye Nyame — was long overdue and critical in enhancing transparency and accountability in the contribution of this precious mineral to fiscus and economic development.

“All the diamond export sales proceeds by ZCDC would be accounted for by the bank in a transparent manner similar to gold under Fidelity Printers and Refiners,” Mangudya said.

He said RBZ’s desire was to ensure that ZCDC grows and becomes what Fidelity Printers is to the central bank.

“These two, FPR and ZCDC, should become agents for economic transformation in Zimbabwe,” he said.

Mangudya said ZCDC was close to securing $30 million long term and working capital financing to ramp up production.

He said Aurex (Pvt) Limited would be capacitated to enhance value addition of diamonds supplied by ZCDC.

Marange diamonds have not been contributing meaningfully to Treasury, with former Finance minister Tendai Biti complaining during the era of the inclusive government that a few individuals were benefitting at the expense of the economy.

Biti said, then, that a coterie of individuals were looting diamonds and were not ashamed to flaunt their ill-gotten wealth.

“Some of us (officials) who are benefitting are not afraid to flaunt our monies. We are buying all kinds of assets. I am a government minister and earning $800. How do I buy some of the assets that we are buying? People are now buying private jets because of our diamonds.”

5 COMMENTS

  1. Are we brain dead or what? which “all diamond sales are going to be accounted for” when the actual diamonds are being smuggled in thier raw form, and just a few are sold on the open market as a smoke screen.

    We are not daft!!! Bob is taking diamonds with him whenever he goes out of the country.Small planes are flying through the night smuggling diamonds.The Moyos are taking them under diplomatic suitcases selling them outside the country.

    Shame!!! you guys just go into retirement

  2. these guys are playing with us zim is broke because of a few people simply to say Mugabe and company. retire your time is up give zim light by leaving

  3. pliz where is mbada diamonds? minister chidakwa kana makagururwa muchabatwa mabva pachigaro mbada pay us our money

  4. I feel the frustrations of citizens. How can all be true when other miners from the same fields are not being consolidated? The proceeds at RBZ should also be ring-fenced because they can disappear without trace.

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