The Zimbabwe Consolidated Diamond Company (ZCDC) has pledged to contribute to the Marange-Zimunya Community Share Ownership Trust on a more regular basis as production increases.
The Marange-Zimunya CSOT is expected to grow as diamond production, sales and exports by the ZCDC increase.
ZCDC is expected to ramp up production from 1.8 million carats in 2017 to at least 10 million carats by 2030.
Speaking to the ZBC News on the sidelines of The Kimberley Process Intersessional Meeting where key players in the global diamond industry have gathered, ZCDC Chief Executive Officer Dr Morris Mpofu said the availing of US$5 million to the Marange-Zimunya CSOT is just the beginning of efforts to foster greater social ties with the community.
“This is not the end of it, as we continue to increase our production and continue to sell diamonds, to export as we are here at the KP; we are also trying to endorse KP licence to export diamonds. As we continue to market ourselves and resume our diamond sales we are going to contribute to Marange-Zimunya on a more regular basis, which means the fund is growing with the business,” said Dr Mpofu.
This year ZCDC is targeting to grow production to 3 million carats and upscale to 10 million in the next 12 years by injecting US$400 million in the business.
Meanwhile, the Kimberley Process Intersessional Meeting is underway with closed door committee and working group meetings being held by member states, civil society, diamond industry players and observers.