Tanzanite, found only in Tanzania, is a prized gemstone globally.

Dar es Salaam, October 2024 – Tanzania is set to reintroduce international gemstone auctions in a move aimed at boosting the country’s gemstone industry and increasing revenue from its rich mineral resources.

The government announced the decision as part of broader efforts to restructure and promote the mining sector, which has been a significant contributor to the economy.

The auctions, which are expected to attract buyers and investors from around the world, will provide a platform for the sale of high-quality gemstones such as tanzanite, rubies, emeralds, and sapphires, among others.

Tanzania is home to some of the most sought-after gemstones, with tanzanite, found only in the country, being a particularly prized gemstone globally.

The reintroduction of international auctions comes after a pause in the practice due to regulatory changes and efforts by the government to better control and monitor the gemstone trade.

Tanzania’s gemstone sector had previously been impacted by smuggling and illegal mining, leading to significant revenue losses. The government has since tightened regulations and improved oversight in the sector to curb these challenges.

Speaking during the announcement, the Minister of Minerals Anthony Mavunde emphasized that the auctions will enhance transparency, boost investor confidence, and ensure that the country receives fair value for its gemstones.

“We want to make sure Tanzania benefits fully from its mineral wealth, and these auctions will help in achieving that by bringing buyers directly to our markets,” he said.

The auctions will also provide local miners with access to international buyers, potentially increasing their earnings by cutting out middlemen. This initiative is expected to improve the livelihoods of small-scale miners, who are a crucial part of the gemstone industry.

Moreover, the auctions are aligned with Tanzania’s ongoing reforms in the mining sector, including the establishment of mineral trading centers and efforts to formalize artisanal mining activities. The Tanzanian government has been working to streamline the gemstone trade, ensuring that it contributes more effectively to the country’s development goals.

The international auctions are anticipated to take place in major cities such as Dar es Salaam and Arusha, which are close to key mining regions. The government has yet to release detailed dates for the auctions, but preparations are underway to ensure a smooth process.

Experts in the mining industry have welcomed the move, noting that international auctions will bring visibility to Tanzania’s high-quality gemstones and create a more competitive market. The auctions are also expected to attract buyers from regions like Europe, Asia, and North America, further boosting foreign exchange earnings.