DOMESTIC gemstone auctions are being reinstated, to take place in key production areas like Mirerani, Mahenge, Tunduru, Dar es Salaam, Arusha and Tanga, while local minerals will be sold internationally in the Thai capital of Bangkok in particular.

Anthony Mavunde, the Minerals minister made this affirmation at an open session of the Energy and Minerals parliamentary committee, asserting that it initiative is in response to directives issued by President Samia Suluhu Hassan.

The president demanded rectification of auction procedures at the inauguration of the Mwanza gold refinery back in June, to which the minister said legal procedures for auction operations were being completed.

After that the ministry will start setting up the necessary infrastructure for domestic auctions, with operating international exhibitions and auctions in the country a vital window for promoting local gemstones in wider markets, he stated.

Exhibitions will connect local traders with reliable markets to ensure they get fair and appropriate prices, he said, while Dr Steven Kiruswa, the deputy minister, stated that ministry officials have significant exposure in international auctions and exhibitions. 

They have learned how international minerals business is conducted, application of modern technology in the minerals value chain of minerals, taking up cues from markets like the United States, India, South Africa and Thailand, he stated.

Ramadhani Lwamo, the acting executive secretary for the Tanzania Mining Commission, presented a report on the improvement and implementation of market management regulations for gemstone auctions locally and internationally.

The commission in collaboration with the Tanzania Mercantile Exchange (TMX) will steer those auctions through an electronic trading system, he said, noting that supervision will include the valuation and sorting of minerals to ensure fair pricing.

The main goal is to make the local market the regional hub of gemstone trading and jewellery, with the gemstone auctions linking the mining sector with the tourism and trading activity as a whole, he stated

Dr David Mathayo (Same West), the committee chairman, commended the minister and his team for excellent work in promoting the international standing of the minerals sector, enabling uptake of local minerals and boosting foreign exchange earnings.

Restoring auctions will enhance the prestige and pricing of gemstones, he stated, projecting better earnings for tanzanite when global traders buy it at local markets or from recognised local sellers.