VICE-PRESIDENT Constantino Chiwenga has underscored the need for value-addition in Zimbabwe’s diamond industry to maximise export earnings.
He said this during a visit to the Zimbabwe Consolidated Diamond Mining Company (ZCDC) in Chiadzwa on Wednesday.
Chiwenga commended ZCDC’s investments in cutting-edge technology while addressing the challenges in the diamond sector.
“The diamond industry is dynamic, presenting both unprecedented challenges and opportunities,” he said.
“One of the key challenges is the global downturn in rough diamond prices, which has impacted profitability.
“Mining companies must shift focus to value-addition, as there’s no reason we cannot process our diamonds locally.”
Mines and Mining Development deputy minister Polite Kambamura echoed similar sentiments.
“These facilities demonstrate a commitment to excellence in processing and showcase the immense potential within the mining sector, as envisioned by President (Emmerson) Mnangagwa,” he noted.
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Manicaland Provincial Affairs and Devolution minister Misheck Mugadza said that also contributed significantly to growing Manicaland’s economy.
Zimbabwe’s mining sector is the cornerstone of the economy, contributing approximately 12% to GDP and 80% of export earnings.
The push for value-addition aligns with the government’s broader vision of increasing revenue from natural resources while creating jobs and fostering economic growth.
ZCDC’s strides in technological advancements and processing facilities are seen as a step towards achieving this goal.
By refining diamonds locally, Zimbabwe aims to capture more value from its resources, reducing reliance on raw exports and increasing global competitiveness.
As the government continues to prioritise resource beneficiation, Zimbabwe’s diamond industry stands poised to become a significant driver of the nation’s economic transformation.
