Govt to make Nairobi a mineral trade hub

The Ministry of Mining is expected to host first of its kind Gemstone jewelry Show in Nairobi, a move that will see Nairobi become mineral trading hub.

Mining Cabinet Secretary Dan Kazungu saID the move will promote and open up a path for inter trade of minerals between Kenya and other African countries.

This comes after years of reported smuggling of minerals such as gemstones from the country by unlicensed traders, further limiting revenue collection from the sector.

“We need to promote inter African trade in buying and selling the minerals. We need to find a way that the traders also access minerals from the region legally, bring it legally and do value edition here in the best way possible,” Mr Kazungu said.

Kenya is seeking to emulate Latin America which is the world leading jewelry hub.

The ministry of mining is re-looking the taxation regime and trade regulations to streamline mineral trade.

Mr Kazungu said the introduction of the new mining act would provide more transparency and credibility for investors in solving issues affecting the mining sector in the country.

“We have hard complains that the taxation regime is expensive for them to trade so we want to relook the taxation regime around gemstones, rubies, gold and other precious mineral so that we don’t put high taxation that will encourage the traders to do under hand dealings,” he said.

The Ministry is expected to host the first ever Kenya Mining investment Forum that will bringing together more than 40 mining investors to facilitate investment and development of Kenya’s mining sector.