Emeralds for Sale: The Taliban Look Below Ground to Revive the Economy

In a chilly auditorium in Afghanistan, heaps of freshly mined green emeralds glowed under bright table lamps as bearded gemstone dealers inspected them for purity and quality.

An auctioneer asked for bids on the first lot, which weighed 256 carats. With that, the Taliban’s weekly gemstone auction was underway.

These sales, in the emerald-rich Panjshir Province of eastern Afghanistan, are part of an effort by the Taliban government to cash in on the country’s vast mineral and gemstone potential.

Since seizing power in August 2021, the Taliban say they have signed deals with scores of investors to mine gemstones, gold, copper, iron and other valuable minerals, like chromite. These buried treasures offer a potentially lucrative lifeline for a feeble economy.

China has led the way in investments under its Belt and Road Initiative, an aggressive effort to spread Chinese influence worldwide. Russian and Iranian investors have also signed mining licenses, filling the void left by the chaotic U.S. withdrawal in 2021.