RBZ takes over production of diamonds in a bid to promote transparency

The Zimbabwe Consolidated Diamond Company (ZCDC) is now compelled to remit to the Reserve Bank of Zimbabwe (RBZ) in a bid to promote transparency.

Making the announcement to delegates at the Chamber of Mines conference in Victoria Falls last week, Finance Minister Patrick Chinamasa said:

We have capitalised ZCDC to the tune of $80 million and we are getting weekly reports of production and it has new management. We have also agreed on a new arrangement, we have told them, ZCDC, that since we are now capitalising you, the diamonds are ours. So the new arrangement is that every output of diamond will come to the fiscus through the Reserve Bank and this will ensure that we get maximum benefit from the proceeds of the diamonds.

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