Zimbabwe’s Aurex Diamonds to be Capacitated

Harare: Aurex Diamonds, a subsidiary of the Reserve Bank of Zimbabwe, is set to be capacitated to “enhance” the country’s capacity to export “high value” polished diamonds.

The Herald newspaper reports that the central bank had pumped in $1 million towards resumption of Aurex operations. This saw capacity utilization in the jewellery line leaping from less than two percent in 2014 to current levels of about 20 percent.

“Efforts are underway to capacitate Aurex Diamonds to enable the country to commence exports of high value polished diamonds that attract high export revenues…,” Aurex was quoted as saying.

“The aim is to increase plant utilization capacity in the medium to long term. It is envisaged that this will result in high operational efficiency and a marked increase in the company’s capacity for diamond cutting and polishing.”

As part of its strategic efforts to regain market share and competitively position itself locally and globally, Aurex said it was also focusing on reviving its export business, for which its jewellery products were originally set.

Established in 1992, the company produces and sales jewellery in the domestic and export markets.It was licenced to cut and polish diamonds for the next 10 years. The company said its “genuine trendsetting” jewellery and accessories are available nationwide through its own branded shops. Aurex also had the capacity to produce products in gold and silver.