THE gemstone industry has always been touted as a potential money-spinner that can contribute to the overall growth of the economy by creating employment and contributing to the treasury through taxes.

Unfortunately, despite the much talked about potential, the industry has remained largely undeveloped and its contribution to the growth of the economy is negligible.

At the moment, it is difficult to even qualify or quantify the benefits that accrue to the country from this industry because most operations are shrouded in secrecy.

Not many mine operators will freely disclose or discuss their operations and their records are kept secret and it is difficult to access any reliable information on the goings- on in this industry.

Although the Government has made an attempt to encourage mine owners to hold public auctions of gemstones, it is believed that what is sent to the public market is a small fraction of the total production and is of inferior quality.

Besides, some of these operators are not willing to pay taxes and prefer to sell their produce in a surreptitious manner to avoid paying tax.

But apart from the above issues, the problems besetting this industry are lack of professional and technical management capacity by mine owners.

This means that most mine owners or management cannot write bankable business plans, do not have financial and marketing strategies. They also have scanty information on the geological data or exploration holes.

This makes it utterly difficult for them to access finances and where they have done so, they are unable to repay because production is very low.

Mining is a business that needs heavy investment capital. But accessing such capital is not easy if the firm is managed poorly.

This is where the Emerald and Semi-precious Stones Association and the Women in Mining organisation should come in to help their members.

The miners should realise that hollering their voices hoarse and crying for capital alone is not enough but that this goes with management skills and workable business plans as well as transparency in the manner that they operate and sell their products.

Maybe those who fail to develop their mines in prescribed period should have the mines repossessed and offered to investors who have the financial muscle and management ability so that the country can benefit from the much-touted money spinning industry.