Tanzanite Background Story and Market Report
Published: March 2020
JTV would like to update its customers about new developments regarding the closure of the world's biggest miner and supplier of Tanzanite by the Tanzanian government. Due to trade restrictions, tanzanite can only be bought and sold at government-run trading hubs. Only two main trading hubs are open and an estimated less than 22,000 carats of all Tanzanian mined gemstones have been processed through these trading hubs for worldwide distribution.
The Tanzanian government has also placed restrictions on smaller scale tanzanite mining operations. Tanzanite continues to be in high demand and, unfortunately, due to these recent developments, there may be an increase in cost and a reduction in available tanzanite for sale.
Published: December 2019
JTV continues to closely monitor the unstable situation in Tanzania and the ongoing issues between the government of Tanzania and miners. At this time, JTV has learned that the government of Tanzania has announced confiscation of any and all tanzanite, concealed or unreported, held by miners. This action follows reports that dealers are secretly selling tanzanite outside the country without the involvement of government officials.
The government of Tanzania has taken several steps to reform the mining industry, including construction of a wall around tanzanite mines along with installation of security cameras and other electronic devices to monitor the movement of this high-profile gemstone. These reforms have been established with the following goals:
- Control of tanzanite at all levels
- Enable the government to collect its “fair share” of revenues
- Reduce smuggling and tax evasion
- Greater opportunities for artisanal miners
There are still many concerns and uncertainty about the tanzanite industry and the unrest in the mining sector between the government of Tanzania and the miners of large and small artisanal mines. It is unknown how the actions from the government of Tanzania will impact the flow of tanzanite out of this country and the cost of this treasured gemstone. Tanzanite continues to be one of the most popular gemstones in the world, however there may be changes and fluctuations to the available supply. JTV will continue to watch this ongoing situation and provide the latest news and updates for our customers. Please see the following articles for more information about the history of the tanzanite market.
Published: August 2019
JTV would like to notify its customers that the world's biggest miner and supplier of tanzanite has been ordered to shut down due to ongoing issues with the government of Tanzania. JTV is unsure at this time of how long the closure will be in effect or how long it will take to resolve the dispute. Tanzanite is still being mined in other small-scale artisanal operations, but these mines will have lower production quantities of the gemstone. Tanzanite continues to be in high demand, however due to these recent developments, there may be a reduction in available tanzanite for sale.
Article by Carrie Fox
To understand the tanzanite market, one must consider both the unique characteristics of tanzanite and its history prior to 2010. A combination of four key factors has set the stage for an industry that has experienced, and continues to experience, a great deal of fluctuation.