Uncut diamonds

The Zimbabwe Consolidated Diamond Company (ZCDC) is targeting to hit 200 000 carats by the end of the month registering a 100 percent increase.

Diamond production had tumbled below 100 000 carats monthly last year.

The target by the diamond firm shows the seriousness that the management attaches to increased production as precious stones can contribute extensively to the national fiscus.

Production is also expected to double the current figures as government has reached an agreement with Jinan Diamond Company to cede its mining concessions to ZCDC.

The ZCDC has been hit by low production, a development which impacted negatively on the country’s revenue base.

Zimbabwe is touted as one of the countries with vast diamond deposits of up to 30 percent of the world reserves and the appointment of substantive chief executive officer for ZCDC Mr Morris Mpofu, stakeholders believe it has brought stability to the organisation.

The stability is expected to push production figures upwards while government is exploring ways of recapitalising the entity for the benefit of the economy.