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Issue 00536 |
September 20 - 26, 2008 |
issn 0856 - 9135 |
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Front Page 1 |
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Tanzanite prices
rise after slump
By Valentine Marc Nkwame Tanzanite prices have picked up tremendously in the world market after a brief period of slump which has been affecting various gemstones worldwide. Local and International mineral dealers have stated. Sammy Mollel the chairman for Tanzania Mineral Dealers Association said the price slump during the bad times had actually affected only the low-end cuts weighing less than one gram but higher-end cuts starting from 1 gram going up, still commanded great pricing and stable market demand. The United States of America is the major buyer of Tanzanite accounting for around 85 percent of the total blue gems business. Benjamin Hakimi the president of New York Gem Dealers Association commented that; “Even though Tanzanite prices fluctuate like other gemstones, the price of better goods has been stable and actually slightly up in recent month,” he said through a written statement. Hakimi however pointed out that lower quality gems and those of smaller sizes suffered drop in both demand and prices. These low-end cuts are usually used to make less-expensive jewelry. “Sales in the US market remain reasonably strong and our planned marketing initiative involving developing new markets in Middle East and India will also contribute substantially to the increased demand of Tanzanite,” adds Sarah Cort the managing director of the Tanzanite Foundation. Another statement from Dr. Peter Kafumu, the Tanzania commissioner for minerals says the blue gems business in Arusha remains fruitful but added; “There is however slight drop in production of Tanzanite from Mererani due to aging small scale mines but the prices remain stable and good,” he concluded. Adrian Banks the Managing Director of Tanzanite-One the giant mining establishment in Mererani said in reality prices have increased in 2008 even though the smaller cuts have suffered a bit of slump. “The demand remains high for quality Tanzanite and competition to procure such rough on the Arusha market remains high,” he noted. According to John Nayopa, the Zonal Marketing officer, the Mrerani mined blue gems have been yielding mining royalties valued at Tsh. 2.5 billion per year. According to Mr. Nayopa, the revenues collected from Tanzanite accounts for 95 percent of total mining royalties in the Northern Zone. Annual Tanzanite Exports are being estimated at US $10 million or around Tsh. 15 billion per year. However local dealers say the figures could be much higher than that. Meanwhile a delegation of mineral dealers from Arusha leaves this week heading to Bankok Thailand, Colombo and Hong-Kong among other places to promote Tanzanite sales in other markets so as keep the blue gems trade afloat, amid great inflation said to be facing the pre-election America. Discovered in 1967 Tanzanite said to be ten times rarer than diamonds are only found in Mirerani hills a place located some 130 kilometers from Arusha town.
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