Govt, Gemfields to set up transparent trading system

13/11/2013

GEMFIELDS chief executive officer Ian Harebottle (left) examining pieces of emeralds alongside Vijay Kedia, at the ongoing emerald auction. – Picture courtesy Leangmead and Barker PR consultants

THE Government in partnership with Gemfields will establish a transparent trading system for the gemstone industry aimed at value addition and further creation of employment.
Mines, Energy and Water Development Minister Christopher Yaluma said the Government in partnership with Gemfields through Kagem would set up a trading system for gemstones to add value and support to the development of the sector.
“Today demonstrates Government’s commitment to give Kagem all the necessary support in their quest to establishing Zambia as a renowned emeralds producer and trading centre,” he said.
The minister said it was Government’s desire to have an efficient and transparent trading system for gemstones in the country.
He said during the opening of the Kagem’s auction for commercial and low grade emeralds in Lusaka yesterday that the system would create a platform for value addition and in turn create job opportunities.
Currently gemstones are polished and sold in raw form.
“We want to localise everything, we want the trading system to come back to Zambia and where people could walk in and purchase the gemstones and any other stone,” Mr Yaluma said.
He said the Government looks forward to a day when the auctions would not only be about emeralds but other gemstones produced in the country as well.
The minister said Government was working on modalities on how the centre would work.
“Zambia remains one of the top destinations for doing business in sub-Saharan Africa. Our stable democratic and political environment, rule of raw and regulatory system provides a conducive business environment for all,” he said.
About 24 international firms are participating in the auction of commercial and low grade emeralds.
Kagem Mining chairperson William Nyirenda said the mining firm took pride in the value addition chain of emeralds so that the product Kagem offered met customers’ imaginations and expectations.
“We value your partnership with us in this auction process and we urge you to continue with us on this pilgrimage of mutual benefit,” he said.