Zimbabwe’s diamond cutting and polishing licensing policy includes $100,000 licensing fee that is renewed annually and an additional 15 percent sales tax which is levied on any company that buys diamonds from the producing companies. Mines Minister Walter Chidakwa described the situation as a ‘tragic’ for the diamond sector hinting that the Government will soon be reviewing its licensing policy.
Zimbabwe’s diamonds have created 60,000 new jobs in India’s Surat diamond market that specialises in cutting and polishing.
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