Anjim Investments Zimbabwe’s diamond giant halts production

One of Zimbabwe’s remaining diamond mining companies, Anjin Investments, has suspended production and placed its operations under care and maintenance as the global diamond market continues to face a prolonged downturn.

The decision comes amid falling rough diamond prices, weak consumer demand, and increased competition from synthetic stones — factors that have placed significant pressure on producers worldwide. The company has also terminated contracts for a substantial number of workers who had reportedly gone unpaid for several months, as financial strain deepens.

Anjin, which resumed operations in 2017 after earlier government-led shutdowns in the diamond sector, has struggled to raise sufficient funds from recent diamond sales. Confidential internal documents indicate that a sale intended to clear salary arrears fell short of expectations. After accounting for royalties and mandatory foreign currency surrender requirements, the company was left with limited funds, which were insufficient to cover its obligations.

Zimbabwe requires exporters, including diamond miners, to surrender a portion of their foreign currency earnings, which is then converted into local currency under prevailing exchange rules. As a result of the shortfall, employees were reportedly only paid a portion of their outstanding salaries.