Zimbabwe Asks RBZ to Plug Diamond Leakages

Robert-MugabeHarare: Zimbabwe President Robert Mugabe has tasked the Reserve Bank of Zimbabwe (RBZ) to come up with ways to plug diamond leakages as government institutes desperate measures to increase revenues inflows that have been perilously dwindling, the Zimbabwe Independent has learnt.

Top government sources say Mugabe’s office has tasked the central bank to assist with measures to ensure all diamond revenues due to national coffers are collected.

This, according to sources who requested anonymity, followed submissions by the RBZ to government that mining revenues alone could turn around the economy if leakages are sealed.

“The money lost through illegal and underhand diamond deals could actually turn around this economy; it’s that simple and I can tell you that we don’t need anything special other than making sure we collect what we are supposed to get not only from diamonds but all minerals,” said a government insider.

Already, the RBZ is on the verge of completing a diamond cutting and polishing joint venture with wholly state-owned diamond producer, Marange Resources. The two will also manufacture jewellery.

These efforts coincide with a Mines ministry-led initiative to consolidate the five companies operating in the Marange diamonds fields into a single entity.