Tanzania’s diamond export has hit a record high of $63 million, indicating a significant
increase in production and export of the precious gemstone.
This is more than seven times of $8.4 million (Sh19.63 billion) export value that was
recorded in the year to November 2021.
The country’s diamond producer Williamson Mines, which is now suspended, was
heavily credited for the strong performance.
The parent company Petra Diamonds holds 75% of the business, with the remaining
25% owned by the Tanzanian government.
The 146-hectare Mwadui kimberlite pipe, one of the biggest commercial kimberlites in
the world, is where the mine, an open pit operation, is situated.
However, due to the rupture of one of its tailing storage facilities on November 7, 2022,
Williamson’s production has been temporarily halted.
About 115 people were said to have been impacted by the flooding of the murky waters
in Ngw’wanholo village, Mwadui Lohumbo ward, Kishapu District.
The Williamson mine will restart production in the 2024 fiscal year, according to an
official announcement by Petra.
The increase in diamond exports can have a positive impact on the Tanzanian economy,
as it can generate revenue for the government and create jobs in the mining industry. It
can also boost the country’s trade and foreign exchange earnings, helping to improve the
country’s balance of payments.
However, it is important to note that the diamond industry is also associated with a
number of challenges, such as environmental degradation, human rights violations and
illegal mining. The government of Tanzania needs to put in place regulations and
policies to ensure that the diamond industry operates in a sustainable and responsible
manner.
It is also important to note that the diamond market is subject to fluctuations and the
prices may change depending on various factors such as changes in demand, supply and
economic conditions. It is important to monitor the situation closely and make
adjustments as necessary.
