Zimbabwe is expected to publish a new set of guidelines for the indigenization of its mineral resources, including diamonds, on Friday, and the regulations will take effect a week later, the Zimbabwe Guardian reports.

According to Youth Empowerment and Indigenization Minister Saviour Kasukuwere, Zimbabwe needs to hold at least 51% of all mining companies to "come into our sovereign wealth fund."

Kasukuwere said that mining companies in Zimbabwe exported $1.7 billion worth of minerals in 2010 – roughly 30% of the country's Gross Domestic Product – but paid only $4 million in taxes to the government.

A report released in February by President Robert Mugabe's Zanu-PF party proposed the 51% indigenization of the country's non-alluvial diamond deposits and the complete nationalization of its alluvial diamond resources.

With estimated diamond resources of 16.5 million tons, Zimbabwe could become the world's No. 1 producer of diamonds if the industry were working at full capacity. It also has the world's second-largest platinum resources (2.8 billion tons) and extensive deposits of coal, iron ore, copper, nickel, and gold.