Zimbabwe's Diamond Output 'Down 76% Since Consolidation of Marange Firms'

Rough Market
21/07/2016 09:06

Zimbabwe's diamond production has slumped by 76 percent since the government’s consolidation of the firms mining in the Marange deposits, the Daily News reported, citing information from the country's central bank. Rough diamond output dropped to 152,475 carats in the first quarter of this year from 639,377 carats in the same period the year before. The Zimbabwe Consolidated Diamond Company (ZCDC) which combined the seven companies working the deposits has been the target of strong internal criticism for its alleged mishandling of diamond production, and the termination of the miners’ licenses.

Mines Minister Walter Chidhakwa had claimed that the ZCDC would sell around 500,000 carats per month, bringing in around $30 million per month to government coffers.