Zimbabwe’s government plans to nationalize all diamond mines in the country by consolidating all mining operation into one company, in which the state will have a 50 percent stake, Walter Chidhakwa the minister of mines said.

“We are very clear, this is a regulatory matter and we have said to them the only way you can participate in diamond mining in Zimbabwe is by being in this company.” Chidhakwa said, adding that those who won’t comply with the new rule will be bought out by the government.

Despite having one of the largest deposits in the world Zimbabwe’s diamond sector has been dogged with revenue leakages through smuggling. In 2011, the then minister of finance commissioned an audit of revenues from diamond sales after receiving only $62 million against a projected $174 million.