Liberian Gov’t Generates US$1.5m From Gold, Diamond Export

The Liberian Government accrued total revenue of US$1,502.06 from the export of gold and diamond in 2014.

This was contained in the Ministry of Lands, Mines and Energy 2014 annual report covering January to December 31, 2014 released recently.

According to the report, the ministry generated US$982,419.96 from the export of diamonds in 2014 and a total of US$520,132.10 from gold during the same period.

The report indicated that the absence of a colorimeter for the government diamond office impedes the process of color grading for high value stones.

This equipment, according to the report, depicts the exact color of a diamond for accurate valuation.

Gold, which has parallel economic impact as diamonds, is totally void of the needed office equipment to affect quality control on gold products and illegal gold trading, the report added.

It pointed out that to minimize the illegal out flux of Liberia’s gold, the ministry must support measures for internal control for mineral by establishing regional offices.

The office of Precious Minerals, which regulates the marketing of precious and semi-precious minerals within the country, is proposing that support training be given at least one person to be exposed to the rudiments of gold processing, the report said.

It noted that the current Minerals and Mining Regulations prohibit the establishment of dealer’s offices outside of Monrovia for which export has established that Liberia is losing a high percentage of its precious mineral products to smuggling.

As a result, the office of Precious Minerals is recommending dealer offices be located near Sanniqullie, Mano River and Lofa Bridge to monitor and curb the rate of diamond and gold smuggling out of the country.

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