TZ targets higher mineral revenues with Tanzanite market reforms

MANYARA: MINISTER for Minerals, Anthony Mavunde, has unveiled an ambitious strategy to restore Tanzanite’s global standing and strengthen domestic trading systems, centring efforts on the Tanzanite Exchange Centre in Mirerani.

Addressing hundreds of miners, dealers, brokers and traders at the Centre, Mr Mavunde praised stakeholders for their contribution to the national economy, noting that Tanzanite alone had generated up to 161bn/- in previous years.

He highlighted that, as of 30 June 2025, total revenue from the mining sector reached 1tri/-, surpassing the 10 percent GDP contribution target set by the 2009 Mineral Policy and national development plans.

“Our minerals, especially Tanzanite, must deliver even greater benefits to Tanzanians,” he said.

Mr Mavunde explained that his visit to Manyara Region reflects the gemstone’s strategic importance as both a national asset and a backbone for local livelihoods in Mirerani and Simanjiro. Equally, he emphasised the need to engage directly with those whose daily lives depend on Tanzanite to inform government measures.

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Acknowledging concerns over declining Tanzanite prices in recent years, he stressed the importance of structured management.

“Precious stones derive their strength from rarity and careful regulation. When production and sales are uncoordinated, prices inevitably fall,” he noted.

The minister outlined a two-pronged approach. First, Tanzanite will be rebranded to restore its premium image in international markets. Domestic auctions are being reintroduced, with plans to expand into global auctions and gemstone exhibitions to showcase Tanzania’s resources to international buyers.

Second, the Tanzanite Exchange Centre will be fully operationalised to manage trade, improve pricing, ensure traceability and enhance tax collection. Mr Mavunde encouraged Simanjiro District Council to expand infrastructure and business premises to support growth.

Looking ahead, the minister proposed developing a “Tanzanite City” in Mirerani, integrating hotels, logistics and supporting industries to create a vibrant trade hub anchored on the gemstone economy.

He also emphasised relocating structured global markets to Tanzania, enabling domestic traders to compete with international buyers. Ongoing reforms, including Bank of Tanzania payments within 24 hours of verified sales, strengthen this vision.

To boost local capacity, an export guarantee scheme will provide capital support, empowering Tanzanian traders to buy in volume and participate in global markets competitively.

Mr Mavunde warned against smuggling and confirmed enforcement will continue, while honest traders will receive targeted support based on capital size. Linking the strategy to youth empowerment, the minister noted that 291 young people have already received mining licences under government initiatives.

He reiterated President Samia Suluhu Hassan’s commitment to ensuring Tanzanians benefit directly from mineral resources.

“In all of this, our message is simple,” Mr Mavunde concluded. “We are here to lift Tanzanite back to the top, manage its trade with integrity, and ensure the value created transforms Tanzanians’ lives.”