Zimbabwe’s ambitious plans for diamond production

Zimbabwe’s state-owned diamond company, the Zimbabwe Consolidated Diamond Company (ZCDC), expects a 16% increase in diamond production this year. The company plans to boost output to 5.7 million carats in 2024, with a target of reaching 10 million carats the following year. 

ZCDC’s board chairman, Munashe Shava, noted that despite depressed global commodity prices, the company is implementing initiatives to address these challenges. Zimbabwe, the world’s seventh-largest diamond producer, reported 4.9 million carats in output and exported 5.6 million carats, valued at 297 million dollars. 

Additionally, Zimbabwe's President Emmerson Mnangagwa was sanctioned by the US earlier this year for alleged human rights abuses, corruption, and smuggling. The president denies these accusations.

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