Zimbabwe bets big on diamonds amid global industry challenges

Zimbabwe, via its state-owned miner, intends to produce more diamonds this year than it did the previous fiscal year, despite challenges in the global market. The objective for the year currently stands at 5 million karats, 1.2 million more than the Southern African country produced in 2025. This goal has been set in spite of glaring hurdles currently plaguing the global diamond industry. Challenges such as global conflicts and the proliferation of synthetic gems threaten to hamper Zimbabwe’s diamond trade.

The Southern African country sold 784,764 carats of diamonds in the first quarter of 2026, an 11% decrease from the same period the year prior. As per the official data, the value of those sales was approximately $21.6 million, representing a significant decrease of approximately 29%. Mutapa Investment Fund Ltd., the nation’s sovereign wealth fund, owns ZCDC Ltd. According to Zimbango, the miner has extracted 26.5 million carats since it began operations in 2016. In an attempt to increase efficiency, Mutapa Investment Fund recently created five new organizations and reorganized its mining company, Kuvimba Mining House Ltd.