Message Dim 10 Nov 2013 20:12

Govt to monitor gemstone auction

By JAMES KUNDA -
THE Government, through the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), is in the process of implementing a mechanism to monitor the pricing criteria for locally mined emeralds during auctions.
Mines, Energy and Water Development Deputy Minister Richard Musukwa said in an interview in Ndola at the weekend that the mechanism was meant to ensure that locally mined emeralds were sold at their value price.
Mr Musukwa said this was to ensure value addition to the country’s emeralds from production to processing and eventually to marketing, and in the process generating wealth for the Zambians.
“There is a monitoring mechanism that is being prepared by the technocrats in ZCCM-IH and this system will ultimately be implemented through a company called Standard Gemstone and Lapidary Limited in Ndola, which Government has re-established as the vehicle for emerald auctions,” he said.
For the next four days starting today, Kagem Mining Limited, a subsidiary of British-owned Gemfields Plc, is expected to hold its third local auction of commercial and lower quality rough emeralds in Lusaka.
Mr Musukwa said the local auctioning process for emeralds which the Government initiated was intended to use Kagem as the flagship entity for other gemstone producers in Zambia to auction their gemstones locally.
“Very soon, we expect Miku, Grizzly and any other gemstone mines to hold an event similar to the three that Kagem has organised this year,” he said.
Gemfields raised US$15.2 million from a sale of lower quality gemstones in April and a further $31.5 million was collected from an auction of higher quality emeralds in July, 2013.