(3 Minutes Read)
Unlike gold, which is exclusively purchased by the National Bank of Ethiopia, gemstones are traded informally, creating space for illicit activity.
Ethiopia is preparing to channel the trade of precious stones, including opals, sapphires, and emeralds, through the Ethiopian Commodity Exchange (ECX) in an effort to reduce smuggling and strengthen foreign exchange earnings. The Ministry of Mines is leading the initiative, drawing on the ECX model already used for major export commodities such as coffee and sesame.
Speaking to the House of Peoples’ Representatives, Minister of Mines Habtamu Tegegne outlined ongoing reforms to address persistent challenges in the gemstone sector. He noted that the lack of an organized marketing system has enabled illegal trade and limited the sector’s economic contribution. Unlike gold, which is exclusively purchased by the National Bank of Ethiopia, gemstones are traded informally, creating space for illicit activity.
Read Also:
According to the Minister, work is underway to integrate gemstones into the ECX platform, supported by a new marketing system developed with Wollo University. The framework includes business guidelines, operational standards, and protocols for cutting and polishing stones. A nationwide mapping effort covering roughly 40 types of decorative minerals is also expected to be completed this year.