A local mining company, Yami Gemstone Lab and Exports Limited, says Malawi is losing an estimated $1 billion annually due to weak certification and valuation systems in the gemstone industry.
The firm says despite the country having more than 25 types of gemstones, including rubies, smoky quartz and aquamarine, progress in the sector remains limited due to a lack of specialised expertise.
Chief Executive Officer Yamikani Jimusole says stakeholders continue to rely on geologists instead of trained gemologists to assess and value gemstones, a gap he described as a major setback to industry growth.
Meanwhile, Executive Director of the Centre for Democracy and Economic Development Initiatives, Sylvester Namiwa, has called for urgent reforms following a tour of the company’s warehouse in Area 49, Lilongwe.
Namiwa said Malawi is not fully benefiting from its mineral resources and stressed the need for a structured, well-regulated market to improve transparency and maximise national revenue.
He added that strengthening certification systems would help unlock the country’s full gemstone potential.
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