Zimbabwe’s diamond sector has suffered a heavy blow in the first half of 2025, with export volumes collapsing by 60% to 2.72 million carats, down from 6.85 million carats in the same period last year, according to the latest Chamber of Mines of Zimbabwe (CoMZ) data.
By Rudairo Mapuranga
This sharp contraction follows a difficult 2024, during which production grew but the value of exports fell dramatically due to a collapse in average prices.
The figures confirm what industry observers have long warned: Zimbabwe’s diamond industry is at risk of becoming a high-volume, low-value producer in a global market that increasingly rewards quality over quantity.
From Rising Production to Falling Revenues
In 2024, Zimbabwe’s diamond extraction grew by 8% from 2023. Yet, according to Rapaport data from the Kimberley Process, the total value of those exports sank to US$164 million, a 46% year-on-year drop. The average price per carat fell to just US$31, the lowest among major global producers, and less than half the US$62 achieved in 2023.
For perspective, Botswana earned US$117 per carat, Russia US$89, Namibia an impressive US$417, and Lesotho US$333. The contrast underscores Zimbabwe’s reliance on industrial-grade stones rather than high-value gem-quality diamonds.
While other African producers, such as Lesotho and the Democratic Republic of the Congo, posted gains in per-carat values in 2024, Zimbabwe moved in the opposite direction, highlighting structural weaknesses in its diamond strategy.
Quality Challenge: Chiadzwa vs Chimanimani
The quality gap begins at the source. Chiadzwa, Zimbabwe’s flagship diamond field, produces only about 12% gem-quality stones, compared to Namibia’s near-total gem-quality output.
This is why developments at Chimanimani, where trial mining by the Zimbabwe Consolidated Diamond Company (ZCDC) has shown 50% gem-quality output, are being closely watched. If scaled successfully, Chimanimani could help Zimbabwe lift its per-carat value, narrowing the gap with regional competitors.
2025 Outlook: Volume Growth but Price Uncertainty
Despite the H1 2025 export slump, the diamond sector is expected to grow production by 7% this year. This growth will be driven primarily by ZCDC and Anjin Investments, which are both undertaking expansion projects.
ZCDC
As the country’s largest diamond producer under the Mutapa Investment Fund, ZCDC is expanding at Chiadzwa and preparing for full-scale mining at Chimanimani. The company is also investing in beneficiation technology, including deep boiling plants, and is working with the Scientific and Industrial Research and Development Centre (SIRDC) on diamond de-coating research to improve clarity and marketability.
Beyond mining, ZCDC maintains a strong corporate social responsibility (CSR) footprint, supporting community infrastructure, agriculture, and even running Manica Diamonds FC in the Premier Soccer League.
Anjin Investments
The Chinese-owned miner is targeting 1 million carats in 2025, up from 260,000 carats in late 2024. Its exploration at Portal B confirmed a 9.8 million tonne ore reserve, securing at least a decade of production at full capacity. However, quality remains the big question: will increased volumes translate to higher revenues if gem-quality ratios remain low?
Operational and Structural Hurdles
Power supply: Load shedding continues to disrupt production. ZCDC is developing a 10 MW solar farm to secure an independent energy supply.
Security and illegal mining: Anjin’s operations face frequent disruption from artisanal miners living near concession boundaries, prompting increased community engagement.
Closed market structure: Under Zimbabwe’s diamond policy, only ZCDC, Anjin, Murowa (RioZim), and Alrosa Zimbabwe can mine diamonds, with new entrants required to form joint ventures with these entities. While intended to curb smuggling, the system may be limiting innovation and competition.
The Path Forward: Value, Not Just Volume
The lesson from both 2024 and H1 2025 is clear: Zimbabwe cannot afford to chase production growth without addressing quality and pricing. Simply increasing volumes of low-value industrial stones risks flooding the market, depressing prices further, and exhausting resources without maximising returns.
Raising the average per-carat price will require:
- Targeted exploitation of high gem content deposits like Chimanimani.
- Investment in cutting, polishing, grading, and branding to capture more downstream value.
- Modern exploration to locate new high-quality reserves.
- Strategic marketing to position Zimbabwean diamonds as premium products.
If ZCDC’s Chimanimani project can deliver on its early promise and Anjin’s expansion yields better-quality stones, Zimbabwe could start to close the gap with Botswana and Namibia. Until then, the sector remains caught in a cycle of more stones, less wealth.
