Zimbabwe removal of tax on locally polished diamonds to be considered

Minister of Mines Walter Chidhakwa said that Zimbabwe is considering repealing 15 percent tax royalties on locally polished diamonds. This is likely be announced in the 2015 budget set for later this month.

The change is in order to attract investment in the diamond production sector.

Currently 90 percent of Zimbabwe’s diamonds are sold as rough in Belgium and Dubai.

Zimbabwe rough diamonds sales are estimated at 1.34 million carats during the first quarter of this year, according to ministry of mines figures.

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