DODOMA, Oct. 19 (Xinhua) -- Tanzania is set to reintroduce international gemstone auctions in a move aimed at empowering local producers and jewelers, a senior official said Saturday.
Minister of Minerals Anthony Mavunde said the auctions will be held quarterly in certain Tanzanian cities, including Arusha, Dar es Salaam and Zanzibar.
"Preparations for the reintroduction of international gemstone auctions are well underway," Mavunde told a parliamentary committee on energy and minerals in the country's capital, Dodoma.
These auctions will be managed by the Mining Commission in collaboration with the Tanzania Mercantile Exchange, using an electronic sales system. "Gemstone obtained from local auctions will then be sold on international markets," he added.
Mavunde said that the auctions provide gemstone buyers with a unique opportunity to acquire high-quality gems directly from the source, offering a competitive platform for dealers to expand their networks and acquire gemstones at favorable prices.
With Tanzania being one of the world's richest countries in gemstones, this initiative is expected to promote transparency and fair competition, benefiting both local and international market players.
Mavunde said that this renewed focus on international gemstone auctions is expected to position Tanzania as a leading hub for gem trading, driving economic growth and development in the mining sector.
