Business Reporter
Aurex Holdings plans to capacitate its gold polishing and cutting subsidiary, Aurex Diamonds in order to enhance the country’s capacity to export high value polished diamonds that attract premium export revenues.
This comes at a time the Reserve Bank of Zimbabwe has injected capital towards resumption of Aurex operations. Aurex is wholly owned by the RBZ and its objective is to be a centre of excellence in the beneficiation and value addition of Zimbabwe’s precious metals and gemstones (gold, silver and diamonds) in line with ZimAsset.
“Efforts are underway to capacitate Aurex Diamonds to enable the country to commence exports of high value polished diamonds that attract high export revenues.
“As part of its strategic efforts to regain market share and competitively position itself locally and globally, Aurex is also focusing on reviving its export business, for which its jewellery products were originally set,” said the company.
The company has revived its diamond cutting and polishing operations following the passing of enabling legislation and reduction of licensing fees.
Aurex Diamonds has been licensed to cut and polish diamonds for the next 10 years and the cutting and polishing of diamonds, facilitates the creation of upstream and downstream industries, thereby creating employment.
Aurex Holdings also plans to expand to other cities following the capital injection. Aurex resumed operations in its core activities in the beneficiation of Zimbabwe’s precious minerals and gemstones, and the cutting and polishing of diamonds.
“Aurex’s genuine trendsetting jewellery and accessories are available nationwide through its own branded shops in Harare, Victoria Falls Airport and Mutare, and currently, through in-store point of presence in Gweru and Bulawayo.
“The company is in the process of opening its own dedicated shops in Bulawayo and Victoria Falls town by the beginning of October this year and in Gweru thereafter,” said the company.
Aurex Holdings said the $1 million capital injection has significantly bolstered the company’s operational capacity.
As a result, capacity utilisation in the jewellery line rose significantly from less than two percent in 2014 to current levels of about 20 percent and is positioned to further improve.
“In order to increase the beneficiation and production of value added goods and create more employment in line with the company’s strategic thrust and consistent with ZimAsset, additional financial support for modernisation of equipment is being mobilised.
“The aim is to increase plant utilisation capacity in the medium to long term. It is envisaged that this will result in high operational efficiency and a marked increase in the company’s capacity for diamond cutting and polishing,” said the company.
Set up in 1992, the company produces and sales jewellery in the domestic and export markets and employs more than 100 people.
Aurex said operations are carried out in a custom built, high security facility covering over 4 000 square metres which is located in Ruwa, 25 km East of Harare.
The company’s strength lies in its ability to make custom–made genuine jewelry hallmarked for traceability. Aurex has the capacity to produce products in gold and silver and several different kinds of chains in varying styles, colours and karats.
“Continuous market research and product development using computers (CAD/CAM) ensures that Aurex continues to meet the ever-changing needs of its customers.
“To ensure that Aurex stays on top, there is ongoing quality improvement through benchmarking of the production process against best practices in the world,” said the company.