Almot Maqolo, Staff Writer 
ZIMBABWE’S diamond production surged by 22,2 percent in the second quarter of 2024, reaching 1,47 million carats, compared to 1,2 million carats in the same period last year, according to the latest data.
This increase aligns with Zimbabwe’s recent upward trend in diamond output, bolstered by reserves estimated at over 800 million carats.
Production during the second quarter also reflected a four percent growth from the 1,41 million carats produced in the first quarter of 2024.
Pfungwa Kunaka
“Diamond benefitted from the ramping up of production driven by increased investments in mining and processing capacity,” the Reserve Bank of Zimbabwe noted in the report.
However, like other African diamond-producing nations, Zimbabwe faces hurdles in fully capitalizing on its diamond sector.
Compliance issues with the Kimberley Certification Process, which regulates diamond production and trade, have partially constrained growth.
Permanent Secretary for the Mines Ministry, Pfungwa Kunaka, acknowledged the need for improvement in diamond beneficiation, the process of adding value to raw diamonds.
He highlighted the government’s strides in local processing, especially through a 10 percent quota policy that mandates local diamond cutting and polishing companies to handle a portion of the country’s diamonds.
Looking forward, Zimbabwe aims to engage global partners to unlock greater value in its diamond resources.
The government’s establishment of a gemology centre under the School of Mines is expected to enhance local expertise in diamond cutting and polishing.
“We are looking at the bigger picture going forward. Perhaps we will have partners from India and other players, as the key issue in minerals is market access. We are aware of our target markets,” Kunaka explained.
The government remains optimistic about meeting its ambitious 2025 production target of 10 million carats, contingent on further capital for the Zimbabwe Consolidated Diamond Company (ZCDC), which plays a central role in the sector.
This year, ZCDC is targeting an output of 5,7 million carats, fueled by increased operational efficiency and expanded mining capacity.
In pursuit of this goal, the company has been exploring new mining areas and expanding its infrastructure.
The Marange diamond fields, Zimbabwe’s largest diamond source since their discovery in 2006, continue to face scrutiny over allegations of human rights abuses and corruption.
However, the 2019 diamond policy seeks to increase transparency and foster sector growth.
Diamonds are pivotal to Zimbabwe’s economy, with mineral exports jumping to US$5,7 billion in 2023 from US$3,2 billion in 2022.
Major players in the sector include ZCDC, Anjin, Murowa, and Alrosa, with Botswana Diamonds also considering entry into the market.
