TNZ Tanzanite

 

TIDMTNZ 
 
RNS Number : 7994R 
Tanzanite One Limited 
31 August 2010 
 

31 August 2010 
                              TanzaniteOne Limited 
                  ("TanzaniteOne" or "the Company") (AIM: TNZ) 
                Export and Cutting Expansion Agreement, Tanzania 
Further to the announcement made on 9 June 2010, TanzaniteOne is pleased to 
announce that it has been granted a staged exemption from the prohibition on the 
export of rough tanzanite larger than 5 carats (1 gram) by the Government of 
Tanzania. 
 
The staged exemption has been granted in recognition of the Company's position 
as the biggest producer and exporter of tanzanite operating in Tanzania and it 
provides a moratorium which allows for a 100% export of the Company's tanzanite 
production, including stones in excess of 5 carats, until 31 December 2010. This 
period has been agreed to ensure TanzaniteOne can research and initiate 
development of economically sustainable domestic cutting operations and assess 
the potential for cutting and polishing agreements in Tanzania. 
 
The Tanzanian Government has further indicated that the Company will be allowed 
a rollout period to enable the expansion of its local cutting and polishing 
facilities in Tanzania. The planned expansion will be staggered to guarantee a 
consistent supply of gemstones into the market and ensure that no backlog of 
high value, uncut stones develop. 
 
The Company is in continual dialogue with the Tanzanian Government regarding the 
details of the rollout period. The Company's strategy is to expand in-house 
cutting and training utilizing existing relationships with overseas experts, in 
addition to entering into agreements with external beneficiation companies 
locally. 
 
The Company already beneficiates and sells cut stones direct to customers or 
through its JV company, TanzaniteOne Cutting Edge and is currently working to 
expand these activities in order to sell larger cut stones in addition to 
existing sales. TanzaniteOne Cutting Edge focuses on precision cutting and 
visual optimisation of predominantly lighter coloured tanzanite using uniquely 
developed cuts. Consequent sales and marketing channels are already established, 
for such material, with established cutting and distribution houses including 
Hohoemi Brains Inc, GRAFGEM S.A., and Alankara SKR Ltd (ASKR Jewelry). . 
 
Commenting today Bernard Olivier, CEO, of TanzaniteOne said: "I am delighted 
that following discussions with the Tanzanian Government the Company has been 
granted an exemption from the export ban on rough, large gemstones, and support 
to establish a domestic cutting operation that will bring real benefits to 
TanzaniteOne. A schedule is currently being put in place that allows us to 
expand cutting operations while ensuring quality of final product and global 
competitiveness. Earlier this year, the Board established an important new 
revenue line from previously undervalued, light, stones with TanzaniteOne 
Cutting Edge. Through the agreement with the Tanzanian Government, these new 
marketing and sales channels and utilizing existing relationships, our objective 
remains to build a customer base for high value cut gemstones. I look forward to 
updating the market on the details of our cutting expansion towards the end of 
the year." 
 
                                      END 
For more information, please visit www.tanzaniteone.com or contact: 
Willi Boehm, Company Secretary 
+61 8 9367 5211 
 
Bernard Olivier, Chief Executive Officer 
+61 4089 481812 
 
Nominated Adviser and Broker 
Ambrian Partners Limited 
Richard Greenfield/ Richard Chase 
+44 (0) 20 7634 4700 
 
Public Relations 
Threadneedle Communications 
Laurence Read/ Beth Harris 
+44 (0)7979 955 923 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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