Zimbabwe Consolidated Diamond Company will resume auctions in April after an eight-month hiatus
Zimbabwe’s biggest miner of rough diamonds sees Russia’s invasion of Ukraine as triggering far-reaching consequences for the global gem industry and possibly lifting demand for its own 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 in an interview on Monday. “However, we don’t wish for the worst case, but if it happens we will be able to sell our production.” The company produced 2.3-million carats of diamonds in 2020 and 2021 and the miner operating in eastern Zimbabwe had 4-million carats of output, surpassing its target of 3-million, he said. That resulted in profit for the first time since its inception in 2015.
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