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Instant millionaire: Poor miner finds Sh140 million diamond

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Tanzania’s deputy minister for minerals, Stanslaus Nyongo (second left) looks at the record-breaking diamond.

A Tanzanian miner has turned into an overnight multimillionaire after selling a diamond he found for Sh140 million.

The 512 carat diamond was discovered two weeks ago by small-scale miner Joseph Temba in Shiyanga, northern Tanzania.

Through the Minerals ministry, the diamond was then put up for sale, fetching a tidy sum.

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While thanking the Mining Commission and the Minerals ministry for selling the stone in a process he termed ‘open’, Temba urged fellow miners to follow government-set guidelines to sell their diamonds.

According to Tanzania’s Permanent Secretary in the Ministry of Water Kitila Mkumbo, Temba’s diamond is the biggest ever found in the country.

The 512 carat diamond fetched Sh140 million.

The ministry for mining further revealed that the diamond’s sale earned the government around Sh10 million in revenue.

Mineral markets

Lately, Tanzania has launched several mineral markets across the country in a bid to curb smuggling.

The move has seen an increase in the volume of gold entering the East African nation to record levels.

“Tanzanians dealing with the minerals business should take full advantage of the markets in order to stop smuggling the country’s precious minerals,” National Assembly Speaker Job Ndugai said.

 





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