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Thursday, May 30, 2024

Increased diamond output to anchor US$12 billion mining industry target

Story by Stanley James, Business Editor

Zimbabwe as the chair of the Kimberley Process Certification Scheme (KPCS), is expecting to increase local diamond output to six million carats this year.

The target comes as the country is on track to attain a US$12 billion mining industry by the end of the year.  

Outlining the KPCS agenda for this year, Mines and Mining Development Minister, Honourable Winston Chitando says the diamond sector will derive more benefits from Zimbabwe’s chairmanship.      

“What has happened is that the Zimbabwe Consolidated Diamond Company (ZCDC) has been improving its production capacity and efficiency so it has performed very well, hence the anticipated increase and is poised to produce over six million carats,” he said.

He added, “Above that Murowa Diamonds is improving production, Anjin is also ramping up production and Alrosa is exploring further.”  

As a result, diamond production is expected to rise from 1,8 million carats last year to over six million carats this year.                    

Early next month, Zimbabwe will chair the first KPCS meeting, thereby offering opportunities for global investors in the local diamond sector.    

“This is our opportunity to take advantage of what is happening in the global diamond value chains by meeting relevant stakeholders, networking, and exchanging ideas indeed it will be a huge learning process for Zimbabwe,” Honorable Chitando also noted.

Under the KPCS chairmanship, Zimbabwe will also be monitoring global diamond transactions, projects, mining systems, and compliance with stipulated regulations, among others.

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