HARARE – Zimbabwe has room to generate US$270 million per annum by tapping into the lucrative diamond cutting and polishing industry.
According to statistics gathered from the Diamond Beneficiation Association of Zimbabwe (DBAZ), there are 15 licensed cutters with a combined capacity to seat 340 polishers.
DBAZ further revealed that the 340 polishers have an estimated capacity to polish 6,800 carats per day.
The global value of a polished diamond fetches around US$3,000 on average.
“The current 15 licensed cutters who are members of the Diamond Beneficiation Association of Zimbabwe have a combined capacity to seat 340 polishers. With an estimate of 1 carat of diamond per polisher per day that translate to about 6,800 carats of cut and polished diamonds per month and 89,760 carats per year.
“The value of a carat of a polished diamond fetches around US$3,000 on average. This translates to a value of US$269,2 million dollars earnings per annum,” said DBAZ chairperson Richard Mvududu.
Cutting and polishing adds 30 percent value to rough diamonds.
Mvududu said the sector can realise its potential if supported through sound policy.
“Policies set out the key principles and strategies to drive the economy towards export orientation in order to transform Zimbabwe from being an exporter of primary commodities to exporter of value added high quality goods and services,” he said.
The value of diamonds can be derived as rough, cut and polished.
“By involving local players in the diamond value chain more value will be derived from Zimbabwe’s gemstones,” said Mvududu.