‘Zim losing $17bn in diamond revenue’

via ‘Zim losing $17bn in diamond revenue’ – DailyNews Live 15 September 2014 by Ndakaziva Majaka

HARARE – Zimbabwe is losing about $17 billion in revenue annually by selling raw diamonds to external markets, chairman of the Zimbabwe Diamond Technology Centre (ZDTC),  Lovemore Kurotwi, has said.

Kurotwi told a delegation of international diamond experts touring the ZDTC yesterday that countries who sell processed diamonds generate over $70 billion in revenue.

“My understanding is that those selling finished product share $71 billion annually, those selling cut and polished diamonds share $41 billion annually, while those selling rough diamonds share $14 billion.

“If you do the mathematics considering Zimbabwe produces around 25-30 percent of the world market, you will see a lot of money is lost because we cannot process the diamonds ourselves,” he said.

Zimbabwe currently sells its diamonds in their rough form as it has no capacity to process them.

Once completed, the ZDTC which has been under construction in Mt Hampden outside Harare for more than two years, is expected to create about 40 000 new jobs.

Kurotwi dismissed reports that diamond reserves in the country were fast running out saying studies had not been carried out to authenticate the claims.

“The country still has a long way to go, these reports are not supported by appropriate studies to show the country is indeed running out of diamonds,” said Kurotwi.

Kurotwi’s sentiments come in the wake of media reports released earlier this year, which revealed diamond mining firms operating in Zimbabwe’s Marange area were expected to cut around 400 jobs, as it had become unsustainable for them to dig any deeper for the gems.

Antwerp World Diamond Centre (AWDC) chief executive Ari Epstein, recently told Parliamentarians at a ZimAsset Awareness Seminar that Zimbabwean diamonds have the capacity to fetch over $400 million annually, resulting in an increase of $60 million in royalties per year.

COMMENTS

WORDPRESS: 14
  • comment-avatar
    Doris 6 years ago

    Bulls…t. Not lost. Really. Gone straight into back pockets.

  • comment-avatar
    Panda moyo 6 years ago

    Even form fours are aware of primary and secondary industries .if government cant set up proccessing industries they must just shut up and stop blaming everybody

  • comment-avatar
    jobolinko 6 years ago

    even if they were to gain $17 billion annualy it was still going to be the same like losing it

  • comment-avatar

    All this grand standing is incorrect.
    Zimbabwe’diamonds’ are small, very low
    quality and certainly NOT gem quality.

    They talk about ‘polishing’, de Beers
    even said that they would never buy
    Zimbabwe after the Kimberley process was
    lifted – why!

  • comment-avatar

    This government cannot look after $20 How in hell can they look after Millions? Give them 17M they will somehow lose it let alone the huge amounts that Kurotwi assumes we would be earning if we polished the diamonds. The problem with ZANU-PF is their voracious appetite for corruption. You can give them the whole bank of America and they will empty it quicker than DisGracelessness got her PhD

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    The criminal fraudster claims his tinpot mt Hampden outfit will create 40 ooo jobs ?????? Yeah pigs fly !!!!!!! Kurotwi we know what’s up entertaining the Jewish Zionist Israeli Belgian diamond mafia

  • comment-avatar
    mark longhurst 6 years ago

    This is one simple reason for the masses to stand up and throw this bunch of thieves out of gov , they are squandering the exact resource they said they would capture for you after doing the same with agriculture, they are both now broken and you have no money………….simple hey ?

  • comment-avatar
    John Thomas 6 years ago

    I think I’m loosing 17 billion too. Can’t remember the exact reason, but I definitely know I’m missing it.

  • comment-avatar
    Mlimo 6 years ago

    Hey it will take the clowns 3 months if that to break all the diamond cutting machinery as well as to steal it all. Anything of value will be stolen from the building starting with the roof sheets, then door and window frames. Diamonds will go missing in mysterious ways to begin with and any zanupf card carrying member will suddenly start driving a 4×4 or Merc. Another joke.

  • comment-avatar
    JRR56 6 years ago

    Hmmm so where is the 5 billion Zimbabwe is receiving per annum?

  • comment-avatar
    tonyme 6 years ago

    Interesting to note the loss. Where are the champions of Zimbabwe. Why are they not stopping the bleeding. There is so much that need to be done and the lost money can assist to build schools, build roads, improve hospitals revitalize businesses , improve the quality of life, turn the lights on and provide water to the citizenry. I can go on and on and on. All that the British left is still there or ruined. I am still trying to figure out what we have done in the past 35 years except road tolls which are paying salaries instead of building or repairing roads.

  • comment-avatar

    With all this theft we are talking about today, does anyone know what God has to say to thieves? Zechariah Chapter 5 tells us that a curse shall enter the house of EVERY thief! Zimbabwe has become a nation of thieves and the lessons have been well taught starting from the hierarchy down. Only repentance will bring restoration!

  • comment-avatar
    Mukanya 6 years ago

    Kurotwi nekurota same

  • comment-avatar
    Msizeni Silwelani 6 years ago

    And how much did innocent citizens loose through collapsed banks, medical schemes, life insurance schemes, funeral policies, bogus workers associations, bogus property developers eccetra eccetra. Non for am the only one who bore the brunt.