Tanzania is preparing to relaunch international gemstone auctions, a move aimed at boosting the country’s gemstone industry and empowering local producers and jewellers. The initiative, set to take place quarterly in cities such as Arusha, Dar es Salaam, and Zanzibar, was announced by the Minister of Minerals, Anthony Mavunde.
Speaking before a parliamentary committee on energy and minerals in Dodoma, Mavunde highlighted the importance of these auctions in revitalising the country’s gem trade. ‘Preparations for the reintroduction of international gemstone auctions are well underway,’ he confirmed.
Auctions to promote transparency and growth
Managed by the Mining Commission in collaboration with the Tanzania Mercantile Exchange, the auctions will feature an electronic sales system, offering buyers a streamlined process for acquiring high-quality gemstones directly from Tanzanian markets. Gems sold locally will later be made available on international markets, providing access to buyers around the world.
‘The auctions present a unique opportunity for gemstone buyers to access high-quality gems directly from the source,’ Mavunde explained, emphasising the platform’s ability to foster competitive pricing and expand networks for traders. This new system aims to offer fair competition and transparency, benefiting both local dealers and international buyers.
A strategic hub for gem trading
Tanzania is one of the world’s richest countries in gemstones, producing highly prized stones such as tanzanite. By reintroducing these auctions, the government hopes to position the country as a key hub for global gem trading, driving growth in the mining sector and creating new economic opportunities for local traders.
Mavunde noted that this renewed focus on gemstone auctions is part of a broader effort to promote the country’s resources and strengthen Tanzania’s standing in the international market. The initiative is expected to attract both local and foreign buyers, enhancing the country’s reputation as a leading destination for gemstones and further boosting the mining industry.
