Opal and the Ethiopian Commodity Exchange

Ethiopia plans to trade gemstones on the Ethiopian Commodity Exchange (ECX), the exchange that already handles coffee and sesame. By September 2026 the contract specifications and quality standards for opal were reported as finished. No gemstone trade on the exchange has been reported yet.

How it got here

• 2021. The Ministry of Mines and the ECX signed a memorandum covering opal, emerald, sapphire and other minerals.
• April 2024. The ECX said it was ready to trade tantalum, opal and sapphire, but the plan stalled because of insecurity in producing regions.
• November 2025. The Minister of Mines told parliament that gemstones would trade on the ECX like coffee and sesame. A draft proclamation was with the Ministry of Justice, and Wollo University was drafting cutting and polishing standards for the trade.
• December 2025. The ECX said its preparations were complete and trading would begin once the Ministry of Mines finished its formalities. An amended proclamation extended the exchange's mandate to minerals.
• September 2026. Contract specifications and quality standards for opal were reported as finalised.

What it means for buyers

Nothing changes yet. Today we prepare, examine and export parcels ourselves, and your payment goes to an Ethiopian commercial bank. If gemstone trading moves onto the exchange, the way rough reaches exporters could change. We will write about it here when it does.

Sources

• Capital, “Gemstone trade to be regulated through ECX to combat smuggling”, 23 November 2025
• Capital, “ECX stalls mineral trading plans due to security concerns”, 8 April 2024
• Ethiopian News Agency, ECX finalises preparations for opal trading, 18 December 2025
• 2merkato, “Ethiopia Moves to Regulate Gemstone Trade Through ECX”, 24 November 2025
• 2merkato, ECX 2025/26 results, 3 September 2026