A NEW report reveals that diamond production in Zimbabwe fell by 13 percent in the first quarter of 2024 from 1,63 million carats to 1.41 million carats.
Despite the quarterly decline, there was a notable 15 percent increase compared to the last quarter of 2024, where production reached 1,42 million carats from 1,23 million carats.
The Reserve Bank of Zimbabwe, in its recent report, noted: “The mining sector recorded mixed performance during the first quarter of 2024, compared to both the preceding quarter and the comparable quarter in 2023.”
However, it highlighted the “strong performance” of key minerals like PGMS (platinum, palladium, rhodium, and iridium), diamonds, chrome, copper, and lithium compared to the previous quarter.
This growth in the diamond sector is attributed to increased investment in mining and processing, along with the installation of efficient machinery. Zimbabwe holds extensive diamond reserves, estimated to exceed 800 million carats, and has seen an upward trend in production in recent years.
The Marange fields, located in eastern Zimbabwe, are the primary source of the country’s diamonds. Discovered in 2006, these fields have become one of the world’s largest diamond-producing areas.
Despite its potential, the industry has faced challenges, including allegations of human rights abuses and corruption. As a counter-measure, the government introduced a new diamond policy in 2019, emphasising transparency and accountability.
Despite the challenges, the industry remains a crucial revenue source for Zimbabwe. The government’s ambitious goal of producing 10 million carats of diamonds annually by 2023 could significantly boost the country’s economy if realised.
Zimbabwe’s mineral exports saw a substantial jump to US$5,7 billion in 2023, up from US$3,2 billion in 2022.
The major players in Zimbabwe’s diamond mining include the Zimbabwe Consolidated Diamond Company, Anjin, Murowa, and the Russian-owned Alrosa. Notably, Botswana Diamonds (BOD), an exploration and mining development company, is in talks with Zimbabwean authorities to enter the diamond sector, focusing on short-term production targets in Marange and other kimberlite pipe projects.
There has been a surge in investor interest in Zimbabwe, thanks to the government’s stance towards foreign investment. This renewed confidence signals growth for the diamond in
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