Diamond production in Zimbabwe is headed for exciting times as the government targets to conclude two agreements with two foreign players by mid-May, bringing to four the number of foreign players after Anjin and Alrosa.
Following the unveiling of the Diamond Policy that sets out a path to attract new investment in the sector, the diamond mining industry continues to attract interest from foreign investors.
Mines and Mining Development Minister, Cde Winston Chitando confirmed these developments in an exclusive interview with ZBC News, stating that the impending joint ventures between the Zimbabwe Consolidated Diamond Mining Company (ZCDC) and soon to be named partners is a pivotal pedestal that will boost revenue outcomes to around US$1 billion.
“We have Anjin which will be commencing exploration of diamonds by end of May this year, and then we have two additional players which will be coming for joint ventures with the ZCDC. These agreements will be signed by mid-May this year and this will be critical in boosting diamond production in Zimbabwe,” said Minister Chitando.
Zimbabwe’s diamond sector has also captured the attention of Alrosa, the world’s largest diamond company, which early this year announced it would start mining operations in the country.
Apart from this massive potential, another big hit for the sector is looming as the Gems and Jewellery Export Promotion Council (GJEPC) of India is currently working on penetrating the country’s rough diamonds industry, pursuant to a deal started during a visit by the Indian Vice President to Zimbabwe last year.
Finalisation of these deals will be important in assisting the sector to achieve its target for 2019 of 4 million carats, up from last year’s 2.8 million carats.