Zimbabwe

Zimbabwe lowers diamond earnings forecast

2012-10-17 16:57

Special Report

Harare - Zimbabwe has lowered its projected $600m earnings from diamond sales after miners cut production in response to a decline in diamond prices on the international market, the mines minister said Wednesday.

"The $600m target has now been affected," Obert Mpofu told journalists.

Mpofu said that over the "past three to four months the diamond prices have actually gone down".

"When the prices go down, producers also reduce their production capacity. They cannot produce at a loss."

Mpofu did not give the new target for diamond sales.

In July, Finance Minister Tendai Biti complained about the low revenue trickle from diamond sales saying by mid-year only $46m had been realised against the year's anticipated $600m.

That forced him to slash the 2012 budget spending target by 10% to $3.6bn.

He said earnings from key minerals such as gold and diamonds were not making it into state coffers.

Natural resource extraction watchdogs have accused President Robert Mugabe's ruling party of funneling profits from Marange diamonds to senior military officers and party leaders.

Diamond watchdog Kimberley Process has given the country the green light to sell its gems despite opposition from rights groups and Western nations.

Next month, Zimbabwe hosts a conference expected to attract hundreds of traders, diamond experts and non-governmental organisations.

Mpofu said the conference would seek to manage world perception of the Zimbabwean diamond industry and attract foreign investors.

- AFP

Read more on:    kimberley process  |  tendai biti  |  robert mugabe  |  obert mpofu  |  zimbabwe  |  diamonds

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Deal of the week!

20% off Afrikaans books, music and DVDs. Offer valid while stocks last. Shop now!

Save up to R1000 on Hisense smartphones!

View the large range of Hisense smartphones. Buy today and save up to R1000!

Hot gaming titles – available for pre-order!

Call of Duty: Advanced Warfare Day Zero Edition, Far Cry 4, Grand Theft Auto 5 and more. Pre-order now!

Get a free eBook

Buy 3 eBooks and get the cheapest FREE. Offer valid while stocks last. Shop now!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Pushing too hard and doing too much may have left you feeling drained and overwhelmed. You may need time out to recharge and reset...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.