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Tanzania Diamond Revenues Down 1% in H2 2017

Tanzania diamond revenues h2 2017

Petra Diamond, Tanzania’s only significant diamond producer, has published it Trading Update for the Six Months ended 31 December 2017, showing revenues down 1% to USD 225.2 million (H1 FY 2017: US$228.5 million).

The company explains that this is mainly due to Williamson’s diamond mine in northwest Tanzania first parcel (71,654.45 carats) not being sold during the period, at it remains blocked for export by the Government of Tanzania (GoT).

In September 2017, the findings of an investigation into the Tanzanian diamond sector by a parliamentary committee implied a potential under-valuation of diamond parcels prior to export, impacting on the royalty payments to the GoT.

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As a result, the parcel of diamonds from the Williamson mine had been blocked from export.

The Williamson mine is 75% by Petra and 25% by GoT.

Petra indicates that it continues to engage with the GoT in order to find a resolution to release the blocked parcel.

Tanzania Diamonds
Africa produces 50% of the world’s diamonds by volume and 58% by value.

In 2015, Tanzania was the 10th largest diamond producer in Africa after Botswana (17.3m ca), Angola (7.1m ca), South Africa (6m ca), the Democratic Republic of Congo (3.15m ca), Namibia (1.92m ca), Sierra Leone (0.5m ca), Zimbabwe (0.5m ca), Lesotho (0.35m ca) and Ghana (0.24m ca).

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