Industry News by Nemesis

ZCDC Diamond Output More Than Halves in July

September 25, 2019

Zimbabwe Consolidated Diamond Company (ZCDC)’s diamond production tumbled by 78,9% in July to 37 052 carats from 175 768 carats, the previous month, according to a local weekly.

Figures obtained from the mines and mining development ministry showed that the state-owned diamond mining company miner also raked in $1,7 million in revenue during the period under review compared to $7,9 million in June.

Minerals Marketing Corporation of Zimbabwe general manager Tongai Muzenda said diamond prices had dropped by 30-40% in the last three months.

However, an unnamed source in the company cited by Zimbabwe Standard said although the falling prices were a factor, there were other reasons to consider.

“The issue of Zimbabwean diamonds is that the quality does not fetch much on the international market, but, however, there are allegations that the company’s top management is still involved in under declarations and underhand dealings that could be affecting operations,” said the source.

ZCDC had been going through a turbulent period following the sacking of at least nine top executives, including its chief executive Morris Mpofu on allegations of criminal abuse of office. The shake-up is said to be the cause of the production decline.


Source: Rough&Polished

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