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African News: A safe haven in the U.S. market crisis

Posted March 28, 2008

"They’d watch the jeweller meticulously cast his loupe over their tanzanite, before weighing them for quality. After a wait of an hour or so, they could walk out with as much as $2,000-$3,000 — not bad for two or three weeks’ work." — Jody Clarke

by Jody Clarke

Baltimore – (TFN): Visiting the offices of gemstone miner Tanzanite One, in northern Tanzania, gives you a whole different view of Africa from the grimmer images normally associated with the continent.

In ones and twos, the Massai arrive at the company’s Arusha office on flash new mopeds, their tartan ponchos slung over their shoulders. They have the latest cell phones glued to their ears. One for business, another for the wife, and as Tanzanite One’s then chief executive Ian Harbottle, explained to me when I visited the site, “another for the mistress.”

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Inside though, the 50 or so locals had other things on their mind, as they awaited their turn to show off the blue tanzanite gems they’d found on their own digs. When ready, they’d watch the jeweller meticulously cast his loupe over their tanzanite, before weighing them for quality. After a wait of an hour or so, they could walk out with as much as $2,000-$3,000 — not bad for two or three weeks’ work.

Tanzanite has been good to Arusha. And Arusha, nestled under the icy glaze of Mount Kilimanjaro, has returned the favour for Tanzanite One, which earlier this month, reported a doubling in profits for 2007.

But it’s not just gemstone production that’s booming in Africa… Read on to learn more.

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