HARARE, May 16 – Zimbabwe’s state-owned diamond producer is targeting higher output this year despite continued weakness in the global diamond market and growing competition from synthetic gems.
Zimbabwe Consolidated Diamond Company aims to produce five million carats in 2026, up from 3.8 million carats produced in 2025, Chief Executive Officer Douglas Zimbango told lawmakers in the eastern city of Mutare.
Zimbango said Zimbabwe’s diamond industry has experienced a sharper downturn than the broader international market due to a combination of geopolitical tensions, synthetic diamond competition, product quality challenges and market-related constraints.
According to the company, international rough diamond prices have declined between 26% and 35%, while Zimbabwean diamonds have suffered a steeper drop in pricing, falling from a peak of $79 per carat to about $22 per carat.
Zimbabwe’s rough diamonds are expected to trade within a range of $22 to $34 per carat in 2026, significantly below the roughly $100 per carat average achieved by higher-quality producers globally, Zimbango said.
The sector has also been affected by what the company described as “market collusion” and an unsatisfactory sales framework, further weighing on revenue generation.
Official data showed Zimbabwe’s diamond sales declined 11% year-on-year in the first quarter of 2026 to 784,764 carats. The value of those sales dropped 29% to approximately $21.6 million.
Zimbabwe Consolidated Diamond Company, a subsidiary of Mutapa Investment Fund, has produced approximately 26.5 million carats since beginning operations in 2016.
The sovereign wealth fund recently restructured its mining operations under Kuvimba Mining House and established five new entities as part of efforts to improve operational efficiency and strengthen the performance of Zimbabwe’s mining sector.
The country’s diamond industry remains a strategic source of export earnings, though producers continue to face mounting pressure from weaker global demand and the rapid expansion of laboratory-grown diamonds.
