Africa’s Top Gemologist Tips New Govt on Boosting Malawi’s Forex Reserves
The Founder and CEO of Yami Gemstone Lab & Exports (YAGLE), Mr. Yamikani Jimusole, who is also one of the few accredited gemologists in Malawi and Africa, has tipped the incoming government on how best to generate more foreign exchange from the mining industry in the short to medium term.
Mr. Jimusole a graduate gemologist from the prestigious Gemological Institute of America GIA noted that the outgoing government has laid a strong foundation for the sector, with notable milestones such as the establishment of MAMICO new mining company, the creation of the EDF gold and gemstone market, the requirement for mining companies to be listed on the stock exchange, the signing of multiple Mining Development Agreements (MDAs), the temporary ban on gemstone exports aimed at addressing valuation challenges,and the recent $12 billion deal the ministry of mining has signed with a Chinese company Hunan Sunwalk.
However, he cautioned that despite these strides, the Ministry of Mining remains underfunded, and Malawi still lacks accredited laboratories and experts to properly grade and certify its mineral resources. This gap has meant that the country has, for decades, been exporting gemstones and gold without knowing their true international market value.
Mr. Jimusole advised the incoming administration to prioritize capacity building, strengthen regulatory institutions, and empower small-scale miners, stressing that mining is one of the fastest ways for Malawi to secure stable foreign exchange earnings. He added that with the abundance of natural resources, it is disheartening that most Malawians continue to live in poverty.
He further highlighted the Reserve Bank of Malawi’s gold purchases, noting that since 2021 the Bank claims to have bought over 500 kilograms of gold, with nearly half acquired this year alone. The bank through EDF has also bought over 150000 carats of various gemstones since 2023.According to him, this demonstrates Malawi’s readiness to start monthly gold exports, which would directly improve forex inflows.
Apart from gold—which is found in almost every district of the country—Malawi also boasts some of the world’s rarest and most valuable gemstones, including rubies, sapphires, padparadscha, grandidierite, spinel, aquamarine, tourmaline, and zircon, just to name a few. If properly developed, these resources can place Malawi among the leading gemstone producers in Africa.
Additionally, he urged the government to give serious attention to the ongoing $309.6 billion case involving Nyala Mines Limited, their offtakers Columbia Gem House, and the Malawi Government. If resolved, this matter could potentially unlock significant forex revenues for the nation.
Finally, Mr. Jimusole pointed to the World Bank’s January and July 2025 reports, which project that Malawi could soon start generating up to $3 billion annually from the mining sector if managed well.
He concluded by congratulating the incoming government and President Professor Arthur Peter Munthalika and emphasizing that by strategically unlocking the mining industry, Malawi can quickly stabilize its forex reserves and put the nation on a firm path toward economic recovery.
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