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Sifelani Tsiko Innovations Editor
According to data from the diamond industry watchdog, Kimberley Process Certification Scheme, Zimbabwe has maintained its seventh position in the global production of rough diamonds.
The growth comes despite the sanctions imposed on the country and difficult trading rules in major US and Europe markets.
In 2022, Zimbabwe’s output hit US$424 million as the country continued to mark its contribution in the worldwide diamond industry.
Last year, Zimbabwe produced 4,9 million carats of rough diamonds, with a total value of US$303 million at an average price of US$62 per carat, according to statistics released by the Kimberley Process (KP) recently.
The value of Russia’s rough diamond production surpassed Botswana’s for the first time in 2023 to become the top producer despite sanctions and a constrained demand that hindered the country’s diamond sales.
Russia produced 37,3 million carats of rough diamonds; Botswana (25,1 million); Canada (16 million); Angola (9,8 million); Democratic Republic of Congo (8,3 million); South Africa (5,9 million); Zimbabwe (4,9 million); Namibia (2,4 million); Lesotho (0,5 million) and Sierra Leone (0,5 million).
Global rough output fell 20 percent year on year to $12,72 billion while by volume, production slipped 8 percent to 111.5 million carats.
Total imports dropped 10 percent by volume, while global exports were down 9 percent. The decline in exports reflected a 12 percent slump in the number of carats exported from Russia, a 24 percent drop from Botswana and a 45 percent decrease from South Africa.
Analysts say the natural diamond market has struggled in the past two years due to rising consumer demand for cheaper lab-grown diamonds and global economic volatility.
Zimbabwe’s output has been on the rise due to the Government’s implementation of several policies and regulations to support the diamond industry.
The country has three diamond-mining companies, namely Anjin Investments, Rio Zim Murowa and the Zimbabwe Consolidated Diamond Company (ZCDC) which have all performed positively in terms of production and revenue output.
Zimbabwe has a 2,16 percent market share among the global rough diamond producers and from 2016, the country’s diamond industry has grown from US$40 million to over US$420 million.
Africa produces 65 percent of rough diamonds, with Botswana being the leading nation, followed by Angola, South Africa, Namibia and Zimbabwe.
Online Reporter