License Fees for Zimbabwe diamond polishers reduced to 1/5th

In a desperate attempt to revive the plummeting state of Zimbabwe’s diamond industry, which has been marred by numerous critical issues in recent times, the government has reduced the license fees for diamond polishers to 1/5th.

 

The earlier archaic policy required diamond polishing companies in Zimbabwe to pay an annual license fee of USD 100,000 and a 15% sales tax for cutting & polishing locally, which resulted in closure of around 70 diamond cutting & polishing units in the past 3 years. Ministry of Mines and Mining Development of Zimbabwe corrected this situation by reducing the license fees to USD 20,000 and extending the license duration to 10 years from previous one year.

 

Though this measure is in a positive direction for Zimbabwe’s diamond industry, it still has to cover a lot of ground in terms of managing challenges encompassing diamond mining.

 

Leave a Reply