Novembr 16-18—COLUMBIA, SOUTH CAROLINA: Annual show; The Columbia, SC Gem and Mineral Society; Fri. 10-6, Sat. 10-6, Sun. 12-5
Welcome to the GemologyOnline.com Forum
A non-profit Forum for the exchange of gemological ideas
It is currently Sat Nov 17, 2018 4:03 pm

All times are UTC - 4 hours




Post new topic Reply to topic  [ 9 posts ] 
Author Message
 Post subject: Tanzanite Prices
PostPosted: Wed Oct 11, 2017 8:48 am 
Offline
Valued Contributor

Joined: Wed Oct 17, 2012 12:20 pm
Posts: 104
Location: Cape Town S.Africa
I believe the Tanzanian president has ordered a security fence to be erected around the tanzanite fields with only a single entrance/exit and high security.This is to prevent artisanal miners from doing any mining.Most of my tanzanite collection has come from such miners.Does anyone have any more information? If the government is involved, it could mean a shortage of tanzanite in the future if mining is curtailed.


Top
 Profile  
Reply with quote  
 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 11, 2017 6:28 pm 
Offline
Site Admin
User avatar

Joined: Sun Oct 16, 2005 12:22 pm
Posts: 19146
Location: San Francisco
According to Reuters, September 20, 2017:
Quote:
Tanzania orders wall built around tanzanite mines

DAR ES SALAAM - Tanzania’s president on Friday ordered the military to build walls around its tanzanite mines and directed the central bank to buy the precious stone to boost reserves - the latest twist in a spat with mining firms over alleged tax evasion.

“All tanzanite gemstones will be controlled and will pass through one gate and he (Magufuli) ordered the (central) Bank of Tanzania to take part in the tanzanite buying trade,” a statement from the presidency said.

President John Magufuli’s government accuses mining firms of cheating Tanzania out of its fair share of mineral wealth through tax dodging and smuggling, allegations they hotly deny.

A parliamentary inquiry team said on 7 September that it had uncovered massive smuggling of the blue-violet tanzanite gemstone, found only in the East African nation.

Magufuli ordered the military to build walls with security cameras and checkpoints around all tanzanite mining concessions in northern Tanzania “to control illegal mining and trading activities,” the presidency statement said.

“Even if someone swallows some tanzanite gemstones, they will be detected at the proposed checkpoint,” Magufuli said.

“Tanzania gets just 5% of revenues from the global tanzanite trade - all the rest of this precious gemstone benefits other people abroad. This is unacceptable.”

Tanzania overhauled the legal, regulatory and fiscal framework governing the mining sector with three new laws in July, sending stock in foreign-owned mining companies plunging.

The new laws established a National Gold and Gemstone Reserve under the control of the central bank.

On 7 September the government confiscated a consignment of diamonds from a mine majority-owned by Petra Diamonds after accusing the London-listed firm of under-declaring the value of the stones by around half. Petra denies the charge.


Top
 Profile  
Reply with quote  
 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 11, 2017 11:49 pm 
Offline
Gemology Online Veteran
User avatar

Joined: Mon Jun 16, 2014 1:10 pm
Posts: 810
Think there is enough material in the market. We will see what will happen in the next years.

_________________
http://www.gemstore-24.com/
gemstones, precision cuts and more...


Top
 Profile  
Reply with quote  
 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 25, 2017 4:33 am 
Offline
Platinum Member

Joined: Tue Jun 03, 2008 4:40 pm
Posts: 2652
Location: South Dakota
There is lots of tanzanite out there still, as well as what's left in the ground, so much so, that no one will go without for 99+ years =D>
That, and the supposed mountains of rough stashed away in India, or so I am told :idea: =P~ [-o< .

_________________
MrAmethystguy ~ Some jokes just fluorite over my head!


Top
 Profile  
Reply with quote  
 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 25, 2017 4:49 pm 
Offline
Gold Member
User avatar

Joined: Sat Sep 29, 2007 8:14 pm
Posts: 1377
Location: Royal Oak, Michigan US
yes, the above may all be true, but there are new rules to operate in Tanzania if you are a buyer of rough or cut goods.

Starting this past September, there is a new 1% fee for inspection of your goods, at what you actually paid.

Then, there is a 5% tax being levied immediately on the dealer making the sale. Payable before export. This is in addition to the existing 5% 'royalty' that has been in place for some time (for rough). Cut goods are still 1% royalty.

So, for rough, we are basically paying 11% of the sales price, significantly higher than previous years. And there is still an ongoing conversation to raise the royalty fee higher.

Hope someone finds this helpful.

_________________
Warm regards,
Roger Dery
Royal Oak, Michigan US
http://www.rogerdery.com


Top
 Profile  
Reply with quote  
 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 25, 2017 5:30 pm 
Offline
Site Admin
User avatar

Joined: Sun Oct 16, 2005 12:22 pm
Posts: 19146
Location: San Francisco
Thanks, Roger.

Very interesting. I guess if the original prices are right an additional 11% isn't terrible.


Top
 Profile  
Reply with quote  
 Post subject: Re: Tanzanite Prices
PostPosted: Thu Oct 26, 2017 3:54 am 
Offline
Valued Contributor

Joined: Wed Oct 17, 2012 12:20 pm
Posts: 104
Location: Cape Town S.Africa
Thanks Roger-I didn't know all the details.Very helpful.


Top
 Profile  
Reply with quote  
 Post subject: Re: Tanzanite Prices
PostPosted: Tue Dec 26, 2017 3:31 am 
Offline
New to the Forum or The Quiet Type

Joined: Sat Nov 18, 2017 2:01 am
Posts: 6
Thaks for sharing this...


Top
 Profile  
Reply with quote  
 Post subject: Re: Tanzanite Prices
PostPosted: Mon Jan 01, 2018 11:02 am 
Offline
Valued Contributor

Joined: Wed Oct 17, 2012 12:20 pm
Posts: 104
Location: Cape Town S.Africa
Thanks Roger


Top
 Profile  
Reply with quote  
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 9 posts ] 

All times are UTC - 4 hours


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Gemology Style ported to phpBB3 by Christian Bullock