U.S Billionare Moris Gad, Makes First Foray into Tanzanite Gemstone In Arusha


By ADAM IHUCHA--
Tanzanians now have a reason to smile, thanks to a global and local leading gemstone companies for pumping millions of shilling in gemstone processing plant in Arusha.

The Tsh 480 million or $300,000 gemstone processing factory, housed in the newly ultra-modern National Social Security Fund’s Mafao house at Kanisa road, would be run as a joint venture-project by the Diamonds International and Signature Gems of Arusha.

 The world class facility with 24 high-tech gem cutting and polishing machines and 30 Tanzanian women under intense training by the expert from Mexico, the plant could cut and refine one thousand carat of Tanzanite gemstone a day.

Diamonds International, the largest jewelry retailer with 140 locations in America, Mexico, Caribbean and other part of the world, specializes in manufacturing and selling jewels around the world, while Signature Gems is the leading local Tanzanite gemstone dealer and supplier. 

“You have touched my heart. This world class gem facility is going to be a beginning of a long journey to make Arusha the Africa’s hub for gemstone trade,” says Mineral and Energy Deputy Minister, Stephen Maselle who graced the grand official opening of the plant.

Mr Maselle said that Tanzania has been dreaming of attracting investor to put up gemstone value additional facility with an eye to create jobs for local people to benefit from their resources.

“You have our full support. We would ensure that your operations are done smoothly. This investment worth emulation by others” he said, praising both the Diamonds International and Signature Gems companies for their bold decision.

The Chairman and CEO of the Diamonds International, the World rated largest Tanzanite Buyer Company, billionaire Morris Gad, said he owes Tanzanians support.

“You have my commitment. This is going to be the beginning as we are planning to create hundreds of jobs for women in manufacturing jewelry” Mr Morris said, amid applause from the floor.

 He said that his company believes in giving back to the community where it sources the raw materials.

“We have to give back. We are behind Tanzania and her people, we need to support you…and we will support you,” the tycoon Morris said.

The 2010 mining Act, among others, forbids the export of rough tanzanite gemstone, compelling global jewel traders to start bringing capital in a bid to source the raw material locally.

The ultra-modern-plant is anticipated to turn Arusha into the largest gemstone producer and exporter in the near future.

 Managing Director of Signature Gems, Sailesh Pandit said the joint venture factory was one of their efforts to back the government drive to make Tanzanite gemstone contribute immensely in economic growth.

“I am very grateful to my partner, Morris Gad for walking his promise made last year that he would come back and invest heavily in the country to create employment and stimulate economic growth” Pandit explained.

Reports indicate that mineral exporters have been under declaring volumes of gemstones in the country—particularly Tanzanite gemstone, whereas the world market shows clearly there was more Tanzanite coming out of the Tanzania than the official figures show.

For instance, official figures show that in the year 2000, Tanzania earned merely $12 million from Tanzanite exports – but the actual value of the gemstone traded at the world market was over $150 million.

The United States Ministry of Commerce in the same year spent nearly $328 million on Tanzanite purchases exported from Tanzania.

Other studies have it that Tanzanite sales in the America alone are worth more than $400 million a year, which means nobody knows exactly how much Tanzanite, is being smuggled out of Tanzania.


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