Conveyor belts at the ore crushing plant at the Zimbabwe Consolidated Diamond Co. Chiadzwa diamond fields in Chiadzwa, Zimbabwe.
Cynthia R Matonhodze/Bloomberg via Getty Images
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Zimbabwe’s main state-owned diamond miner aims to produce five million carats this year, up from 3.8 million in 2025, even amid geopolitical tensions and a proliferation of synthetic gems.
The country’s diamonds have experienced a worse downturn than the international market because of a range of local issues, Douglas Zimbango, chief executive officer of Zimbabwe Consolidated Diamond company., told lawmakers in the eastern town of Mutare.
Internationally, rough diamond prices have gone down by 26%-35%, but Zimbabwe goods “have experienced a worse down from a peak $79 to $22 (about R1 300 to R370) because of product profile, geopolitical tensions, synthetic diamonds, market collusion and unsatisfactory sales framework,” he said.
“The international diamond market remains in a downturn and specifically the unique rough diamonds which will typically command a 2026 price range of between $22-$34 per carat,” he said. That compares with other producers who average $100 for better-quality rough diamonds, according to Zimbango.
During the first quarter of this year, Zimbabwe’s diamond sales dipped 11% from the year earlier quarter to 784 764 carats. The value of those sales was around $21.6 million (R360 million), reflecting a 29% decline, according to official data.
ZCDC is a subsidiary of the country’s sovereign wealth fund Mutapa Investment Fund. Since starting operations in 2016, the miner has extracted 26.5 million carats to date, according to Zimbango.
Mutapa Investment Fund recently restructured its mining entity, Kuvimba Mining House, and established five new entities in an effort to improve efficiency.