Tanzania to hold Tanzanite gemstones auction on Saturday

SIMANJIRO, MANYARA: The Minister of Minerals, Mr Anthony Mavunde, is expected to launch a Tanzanite gemstones auction in the small town of Mirerani, Simanjiro District, in Manyara Region, on Saturday.

The auction, which had been halted for some time, will resume on December 14, 2024.

Briefing reporters in Manyara on Thursday, December 12, 2024, Mr Mavunde stated that the auction is part of the government’s strategy to promote Tanzanite internationally and enhance its value. Tanzanite, a unique gemstone found only in Tanzania, plays a vital role in the country’s economy.

Mr Mavunde explained that the auction is also a measure to combat the smuggling of Tanzanite and help miners sell their gemstones at competitive prices aligned with global market standards.

“The auction is expected to attract buyers from both within and outside the country. The highest bidder meeting the set price will secure the gemstones,” Mr. Mavunde said.

He emphasized that the event will be conducted under stringent security measures due to the high value of Tanzanite. “The government has strengthened security to protect against dishonest individuals,” he added.

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Additionally, Mr Mavunde noted that the auction will enable the government to collect appropriate royalties and taxes transparently, contributing to national revenue while ensuring the safety of sellers, buyers, and their properties.

Similar gemstone auctions are conducted in other African countries, such as Zambia (emeralds), Zimbabwe (diamonds), and South Africa (diamonds).