Diamond mining sector is dead and not contributing to forex earnings: Chinamasa

Minister of Finance and Economic Development, Patrick Chinamasa has admitted that the country’s diamond mining sector is now dead. Chinamasa said the sector was not contributing to the country’s foreign currency earnings and attributed the death of the diamond mining sector to the government’s decision to consolidate diamond mining.

Addressing delegates at the Confederation of Zimbabwe Industries, Chinamasa said:

As of now, the diamond sector is dead. I used to visit Mutare during the hype of diamond mining and one could feel the diamond money. We need to come back to that situation again

The issue that got the sector to collapse is essential that we felt this sector was not contributing and we decided to consolidate it…

Chinamasa also revealed that the government was trying to negotiate with the Chinese companies who had been kicked out of the Chiadzwa area, in an effort to make out of court settlements. The companies initiated legal action against the government after they were kicked out. Chinamasa said:

Now, arising from the decision we took there was a lot of litigation. Minister Chidhakwa and I we are trying to engage the Chinese companies that were operating there so that we reach an amicable settlement and move on. The discussions to that effect have started

More: New Zimbabwe

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