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Zimbabwe Consolidated Diamond Company (ZCDC) is gearing up to market an impressive 5.4 million carats of diamonds in 2024.
lt confirmed this major development and expressed confidence in the company’s capabilities.
The company said they are optimistic about the prospects for the diamond industry in Zimbabwe, and we are confident that we can achieve our target of marketing 5.4 million carats in 2024.
This ambitious goal marks a substantial increase of 42 percent from the 2023 market quantum of 3.8 million carats, signalling a robust outlook for Zimbabwe’s diamond industry.
Furthermore, the insider attributed this significant surge in target to the installation of a cutting-edge Diamond Detachment Plant (DDP) in December 2023, which came at a cost of US$700,000.
“The DDP has revolutionized our purification process, allowing us to purify 5000 carats within 8–10 hours, making diamonds market-ready in a remarkably short period,” the source explained.
Commenting on this development, economist Elton Zika, underscored the pivotal role of the mining sector in Zimbabwe’s economic development, stating, “Guided by the National Development Strategy (NDS1), Zimbabwe, under the Second Republic, is poised to realize the ambitious US$12 billion mining milestone by the end of this year. The positive performance of the mining sector, including the diamond industry, is expected to play a central role in achieving these targets,” Ziki emphasized.
Meanwhile, the 5.4 million carats of diamonds are anticipated to be locally valued at US$28.28 per carat, a reserve value determined by ZCDC, Minerals Marketing Corporation of Zimbabwe (MMCZ), Perleen Holdings (PH), and the Dubai Multi-Commodities Centre (DMCC).
This valuation reflects the quality and potential of Zimbabwe’s diamond resources.
Moreso, ZCDC’s ambitious target of marketing 5.4 million carats of diamonds in 2024 reflects the sector’s resilience and potential for growth.
With strategic investments and transparent governance, the country is well-positioned to harness the full potential of its diamond resources and drive economic prosperity for its citizens.
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