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 Post subject: Tanzanite Prices
PostPosted: Wed Oct 11, 2017 8:48 am 
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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.


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 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 11, 2017 6:28 pm 
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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.


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 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 11, 2017 11:49 pm 
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Think there is enough material in the market. We will see what will happen in the next years.

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 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 25, 2017 4:33 am 
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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< .

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 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 25, 2017 4:49 pm 
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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.

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 Post subject: Re: Tanzanite Prices
PostPosted: Wed Oct 25, 2017 5:30 pm 
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Thanks, Roger.

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


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 Post subject: Re: Tanzanite Prices
PostPosted: Thu Oct 26, 2017 3:54 am 
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Thanks Roger-I didn't know all the details.Very helpful.


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 Post subject: Re: Tanzanite Prices
PostPosted: Tue Dec 26, 2017 3:31 am 
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Thaks for sharing this...


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 Post subject: Re: Tanzanite Prices
PostPosted: Mon Jan 01, 2018 11:02 am 
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Thanks Roger


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