Edwin Moyo
Harare-The Minerals Marketing Corporation of Zimbabwe (MMCZ) is set to unveil Exemption Certificates for gemstone exporters as a way to broaden market opportunities and enhancing regulatory oversight.
This development aims at address the current restrictive export regulations that require gemstone miners to sell exclusively to MMCZ and its agents, a move which often results in smuggling of gemstone by some foreign buyers.
According to a statement issued by MMCZ, the Exemption Certificates will simplify the process by necessitating the need for export permits and Bills of Entry for smaller transactions.
“MMCZ has highlighted that this reform will streamline the export process for specified semi-precious stones. This change is anticipated to significantly benefit miners by reducing bureaucratic channels and fostering a more transparent export process.
“The introduction of Exemption Certificates comes in response to Zimbabwe’s dismal gemstone export figures, which totaled only US$200,000 in 2023. The MMCZ hopes that this new policy will minimize smuggling activities and enhance the local gemstone industry, ultimately boosting the country’s mineral revenue.
“Zimbabwe, known for its diverse range of over 40me types of colored gemstones, views this development as a pivotal step toward maximizing economic benefits from its mineral resources, particularly in gemstone-rich regions such as Mashonaland West.” reads part of the statement released in August this year.
Under the new system, miners will be permitted to export gemstones valued up to US$10 000 without having to comply with the full requirements of the existing export regulations.
However, the timeline to implement exemption certificates has not yet been revealed.
