A total of 700 foreign-owned companies have submitted proposals to the Zimbabwean government in compliance with the country's indigenization and empowerment rules. Of those, 175 were mining firms, The Herald reported. A number of diamond companies play a role in the Zimbabwean mining industry.

The Indigenization and Empowerment Act demands that foreign mining firms sell 51% of their direct equity to locals or to the state. Thus, the government rejected mining company proposals to sell 25% direct equity to locals with the remaining 26% to be fulfilled through social investment credits. While the Youth Development, Indigenization and Empowerment minister has the power to exempt individual firms from complying with the law, he stated that he would do no one any special favors.

Zimbabwe produced over 8.4 million carats of diamonds in 2010, according to recently released KPCS statistics. The industry brought in almost $340 million, with an average of $40.28 per carat. The country exported $320 million worth of diamonds last year.

Youth Development, Indigenization and Empowerment Minister Saviour Kasukuwere said that the country's economic future lay in its mineral resources, and so it was critical to get the local population involved in the industry.