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Zimbabwe holds 7th rank in global rough diamond production

by Staff reporter
10 Jul 2024 at 10:42hrs | Views
Zimbabwe has maintained its seventh position in global rough diamond production according to the Kimberley Process Certification Scheme. Despite facing sanctions and strict trading rules in major US and European markets, Zimbabwe's diamond industry achieved an output of US$424 million in 2022.

The country produced 4.9 million carats of rough diamonds, valued at US$303 million, with an average price of US$62 per carat.

In 2023, Russia surpassed Botswana as the top producer of rough diamonds, producing 37.3 million carats. Botswana followed with 25.1 million carats, Canada with 16 million, Angola with 9.8 million, the Democratic Republic of Congo with 8.3 million, South Africa with 5.9 million, Zimbabwe with 4.9 million, Namibia with 2.4 million, and both Lesotho and Sierra Leone with 0.5 million each. Despite a global 20 percent decline in rough diamond output by value and an 8 percent decrease by volume, Zimbabwe's production has been on the rise, supported by government policies and regulations.

Zimbabwe's diamond industry has grown significantly since 2016, from US$40 million to over US$420 million. The country has three major diamond-mining companies - Anjin Investments, Rio Zim Murowa, and the Zimbabwe Consolidated Diamond Company (ZCDC) - all performing positively in terms of production and revenue. Zimbabwe holds a 2.16 percent market share among global rough diamond producers, contributing to Africa's overall production of 65 percent of rough diamonds, with Botswana leading, followed by Angola, South Africa, Namibia, and Zimbabwe.

Source - The Herald