Another challenge faced is a lack resources that facilitate value addition of the diamonds. MMCZ general manager, Tongai Muzenda spoke on this issue saying:

“The problem we currently have is that our diamonds just leave the country as rough diamonds.This is what we are trying to improve so that they fetch a higher value when they are eventually sold on the international market.”

According to Zimstat data, Zimbabwe exported diamonds worth US$141 million in 2020. This figure came about through the trading of rough diamond alone since the country has not invested in local cutting and polishing capacity, despite years of rhetoric on value addition.

In order to deal with the issue of value-addition, the MMCZ stated the following to a local government gazette:

“In line with the Corporation’s strategic initiatives towards increased value addition and foreign currency generation, MMCZ, wishes to provide venture capital to an identified partner for diamond processing.

The MMCZ now invites eligible Diamond Processing firms to indicate their interest in partnering with MMCZ in Diamond Processing in a Venture Capital Agreement. Interested consultants should provide information demonstrating that they have the required technical capabilities, facilities, qualifications and relevant experience to process diamonds”

Winners of this bid to set up a diamond processing company venture capital partnership with MMCZ are expected to be able to offer a return on investment in five years. They must also be holders of a Precious Stones License and have premises of the right size and security. This bid ends on the April the 13.

Muzenda also stated the the aforementioned partnership is expected to start running in June.

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