Ethiopia to Regulate Gem Trade via ECX

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Ethiopia will channel its gemstone trade through the Ethiopian Commodity Exchange (ECX) to curb widespread smuggling and boost foreign exchange earnings. Mines Minister Habtamu Tegegne told lawmakers that the lack of an organized market has long fueled illicit sales. The ministry, working with Wollo University, has created a full marketing and standards framework, while ECX readies infrastructure to begin trading. The reforms aim to improve transparency, increase export revenues, and modernize the wider mining sector.