Zimbabwe Consolidated Diamond Co., cuts 400 Jobs as prices dip

Weighed down by a global downturn in the market for natural gems, Zimbabwe’s biggest diamond miner is cutting 400 jobs. State-owned Zimbabwe Consolidated Diamond Co. had to make the cuts to avoid shutting down operations.

Global diamond prices have been hard hit by the soaring popularity of ever-cheaper lab-grown gems and plunging demand in key markets like China and the US. The crisis has gripped the entire $80 billion diamond industry, from mines in Africa to jewellery stores in New York.

ZCDC had to choose between closing operations or maintaining them at a reduced rate whilst awaiting a price recovery. The miner has over 1,800 employees.