Against all odds, Zimbabwe bets big on diamonds amid global industry challenges
Zimbabwe, via its state-owned miner, intends to produce more diamonds this year than it did the previous fiscal year, despite challenges in the global market.
Black News 
Zimbabwe, via its state-owned miner, intends to produce more diamonds this year than it did the previous fiscal year, despite challenges in the global market.
- Zimbabwe aims to produce 5 million karats of diamonds this year, surpassing last year's output despite global market challenges.
- The global diamond industry faces issues such as geopolitical tensions, proliferation of synthetic gems, and declining prices, which also heavily impact Zimbabwe's diamond trade.
- Zimbabwe's rough diamonds have seen a more severe price decline, dropping from $79 to $22 per carat, compared to the international average decrease of 26%-35%.
- In the first quarter of 2026, Zimbabwe sold 784,764 carats, marking an 11% volume drop and a 29% value decline from the previous year.
The objective for the year currently stands at 5 million karats, 1.2 million more than the Southern African country produced in 2025.
This goal has been set in spite of glaring hurdles currently plaguing the global diamond industry.
Challenges such as global conflicts and the proliferation of synthetic gems threaten to hamper Zimbabwe’s diamond trade.
As seen on Bloomberg, Douglas Zimbango, CEO of Zimbabwe Consolidated Diamond Co., told lawmakers in the eastern town of Mutare that there are also domestic issues that have led the country's diamond industry to decline more than the global market.
Internationally, rough diamond prices have gone down by 26%-35%, but Zimbabwe goods “have experienced a worse down from a peak of $79 to $22 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 added.
According to Zimbango, this stands in contrast to other producers, who see an average of $100 for higher-quality rough diamonds.
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The Southern African country sold 784,764 carats of diamonds in the first quarter of 2026, an 11% decrease from the same period the year prior.
Per the official data, the value of those sales was approximately $21.6 million, representing a significant decrease of approximately 29%.
Mutapa Investment Fund Ltd., the nation's sovereign wealth fund, owns ZCDC Ltd. According to Zimbango, the miner has extracted 26.5 million carats since it began operations in 2016.
In an attempt to increase efficiency, Mutapa Investment Fund recently created five new organizations and reorganized its mining company, Kuvimba Mining House Ltd.
