- Aug 2, 2010
By ADAM IHUCHA Special Correspondent
Posted Saturday, December 8 2012 at 14:54
- The 2010 Mining Act, among others, forbids the export of rough tanzanite gemstone, compelling jewel traders to process the raw material locally.
Tanzania's new Mining Act has started to draw new direct foreign investment into the country's gemstone industry.
The 2010 Mining Act, among others, forbids the export of rough tanzanite gemstone, compelling jewel traders to process the raw material locally.
Last week, the world's rated largest tanzanite buyer, Morris Gad, announced a major foray into the Tanzanite gemstone industry in Arusha.
Mr Gad, CEO of Diamonds International, has constructed multimillion gemstone processing plant in Arusha. Diamonds International and Signature Gems of Arusha will run the gemstone processing factory as a joint venture.
Diamonds International is the largest jewellery retailer with 140 locations in America, Mexico, Caribbean and other parts of the world while Signature Gems is the leading local tanzanite gemstone dealer and supplier.
Jacob Hassid, managing director of Diamonds International, says the plant, expected to be operational in a month, will create employment for nearly 200 people, mostly women.
Managing director of Signature Gems Sailesh Pandit said the joint venture would support the government drive to make tanzanite gemstone contribute immensely in economic growth.
Analysts say the Tanzanite processing plant will deal a blow to India's city of Jaipur. Tanzanite, exclusively found in Tanzania, accounts for one-third of the annual gem exports of Jaipur; employing nearly 250,000 people in cutting and polishing the raw gem for re-export.