Tanzania is set to make strides in its mining sector with the official relaunch of its gemstone auction, scheduled for December 14, 2024, in Mirerani, Simanjiro District.
The event, officiated by the Minister of Minerals, Hon. Anthony Mavunde, marks a significant milestone in the nation’s efforts to maximize the benefits of its abundant mineral resources.
The auction, which had been on hold for some time, is part of a broader government strategy to revolutionize the mining sector.
By focusing on value addition, the initiative aims to transform the gemstone industry into a key contributor to Tanzania's economic growth while bolstering its reputation in the global market.
The gemstone auction is expected to add value to Tanzania's prized minerals, particularly Tanzanite, a gemstone unique to the country. By creating a competitive marketplace, the event provides miners with access to better prices aligned with global market rates.
This, in turn, ensures fair compensation for their efforts and strengthens the livelihoods of small-scale and large-scale miners alike.
Hon. Mavunde emphasized that the auction is not just about selling gemstones; it represents a significant step toward curbing smuggling and illegal trade.
"This initiative ensures our gemstones are sold transparently and competitively, attracting buyers from across the world while securing fair prices for our miners," he stated.
Beyond benefiting miners, the auction will play a critical role in boosting Tanzania’s economy. The government anticipates increased revenue through transparent collection of royalties and taxes.
These funds are crucial for supporting national development projects and enhancing public services.
"Through this auction, we are ensuring the rightful collection of royalties and taxes while maintaining transparency. This will significantly contribute to our national revenue," Hon. Mavunde added.
By hosting such events, Tanzania aligns itself with other African nations that have successfully leveraged their gemstone resources. Countries like Zambia (emeralds), Zimbabwe (diamonds), and South Africa (diamonds) have used auctions to increase the visibility and value of their minerals on the global stage.
For Tanzania, this auction underscores its commitment to making its mining sector globally competitive.
With buyers from both domestic and international markets expected to participate, the auction showcases Tanzanian gemstones to the world, fostering new opportunities for trade and investment.
Given the high value of gemstones like Tanzanite, security has been prioritized to ensure the event runs smoothly.
Hon. Mavunde assured stakeholders of stringent safety measures to protect sellers, buyers, and their assets.
“This auction is a testament to the government’s dedication to safeguarding the interests of all stakeholders in the mining sector while maintaining the integrity of the process,” he noted.
The gemstone auction is more than an event—it symbolizes Tanzania’s potential to become a global hub for gemstone trading.
By integrating value addition, security, and transparency into the process, the auction sets a foundation for sustained growth in the mining sector, benefiting miners, investors, and the nation as a whole.
As the world turns its attention to Mirerani on December 14, 2024, Tanzania takes another step toward realizing its vision of transforming its mineral wealth into sustainable development and economic prosperity.