Market Forces to Drive Gemstone Trade: Ministry

Jun 25 , 2022

The Ministry of Mines has announced it is removing government-set export and standard rates for gemstones in a bid to boost earnings and simplify supply chains. The export of gemstones such as opal, sapphire, and emerald have been a growing source of foreign currency in recent years, though they trail far behind gold. The export of gold brought in over 670 million dollars last year, while other minerals shipped abroad brought in less than five percent of the amount. Sapphire deposits were discovered in the Tigray Regional State in late 2016. Emerald can be found in various parts of the country, including the Guji Zone of Oromia Regional State. The export of the two precious stones brought in over seven million dollars in 2017. As with gold, artisanal miners extract the majority of gemstones in Ethiopia.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...