Zimbabwe Consolidated Diamond Company (ZCDC), the nation's largest diamond producer, has announced a workforce reduction of 400 employees in response to severe pressures facing the global diamond industry.
Bloomberg reports that the state-owned miner confirmed the difficult decision was necessary to maintain operations rather than face a complete shutdown.
The job cuts represent more than 20% of ZCDC's 1,800-strong workforce as the company adopts survival measures during what it describes as an unprecedented market downturn.
Company representatives explained the choice came down to either scaling back operations or ceasing them entirely while awaiting a potential price recovery.
This restructuring reflects broader challenges across the $80 billion diamond industry, where traditional miners are facing dual pressures.
The rapid shift in consumer demand toward affordable lab-grown alternatives has coincided with weakening demand in key markets, particularly China and the United States.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
