MMCZ hunts for strategic partners

Loc5The Minerals Marketing Corporation of Zimbabwe is still scouting for partners to set up diamond cutting and polishing firms in the country.
The MMCZ announced early this year that it had engaged several firms from China, Hong Kong, Dubai and Israel who expressed interest in expanding business interests in Zimbabwe.

Zimbabwe is keen to set up a diamond polishing and cutting industry to derive maximum benefits from the industry after the discovery of huge deposits of the precious stones in the Marange area of Manicaland.

MMCZ deputy general manager Richard Chingodza said negotiations with interested parties were still going on.
“We are still working on that, but at the moment there is not much progress,” he said.

“If all goes well we will be working with some of the biggest cutting and polishing companies in the world so they can set up factories in the country where Zimbabwe becomes a source of jewellery to the world market.”

Chingodza said the country Zimbabwe stood to reap immense benefits by value adding  diamonds. Zimbabwe, which is currently the seventh largest producer of diamonds in the world, has potential to supply 25 percent of global demand and has also been tipped to become the third biggest producer by the end of this decade.

Currently, there are four diamond-mining firms operating in Zimbabwe’s rich Marange diamond fields, namely Mbada Diamonds, Marange Resources, Anjin and Diamond Mining Corporation.

Western countries led by the United States have been battling to block Zimbabwe from selling its diamonds as part of the sanctions they have imposed on the country in spite of the green light given to the country by the global diamond watchdog the Kimberly Process Certification Scheme, to freely market its gems. — New Ziana.

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