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Russia Diamond Supply Curb May Benefit Zimbabwe Miner’s Gems
HARARE (Capital Markets in Africa) – Zimbabwe’s biggest miner of rough diamonds sees Russia’s invasion of Ukraine 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 Monday. “However, we don’t wish for the worst case, but if it happens we will be able to sell our production.”
The southern African country is targeting $12 billion of mining industry revenue by next year, and state-owned ZCDC plans to contribute $1 billion of that, Mabhudhu said.
The company produced 2.3 million carats of diamonds in 2020 and last year, 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.
It produced 2.3 million carats of diamonds in 2020 and last year, the diamond miner operating in eastern Zimbabwe had 4 million carats of output, surpassing its target of 3 million, he said.
“For 2022, we are set to not only achieve, but exceed our diamond production target by more than 40% when compared to the 2021 baseline target,” he said.
ZCDC will resume diamond auctions in April after an eight-month hiatus as a result of the coronavirus and expects buyers from Dubai, Israel, India and South Africa.
“We have sizeable parcels for sale and the ultimate quantum per sale is determined in consultation with our selling agent, the Minerals Marketing Corp. of Zimbabwe,” Mabhudhu said.
Source: Bloomberg Business News