The Zimbabwe Consolidated Diamond Company (ZCDC) exceeded its 3 million carat production target for 2021 by 30%, according to media reports.
It produced 2.3 million carats of diamonds in 2020.
Bloomberg reports without providing the figures that ZCDC recorded a profit for the first time since its establishment in 2015.
“For 2022, we are set to not only achieve but exceed our diamond production target by more than 40% when compared to the 2021 baseline target,” company chief executive Mark Mabhudhu was quoted as saying.
He also said that ZCDC is scheduled to resume diamond auctions in April after an eight-month break due to the COVID-19 pandemic.
Mabhudhu said they are expecting buyers from Dubai, Israel, India and South Africa.
“We have sizeable parcels for sale and the ultimate quantum per sale is determined in consultation with our selling agent, the Minerals Marketing Corp. of Zimbabwe,” he said.
Meanwhile, Mabhudhu said the conflict between Russia and Ukraine will have “far-reaching consequences” for the global diamond industry and potentially spur demand for Zimbabwe’s stones.
“It may end up creating the supply gap that may drive demand for our product, as well as that of other players,” he said.
“However, we don’t wish for the worst case, but if it happens we will be able to sell our [diamonds].”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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