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Africa|Cutting|Operations
Africa|Cutting|Operations
africa|cutting|operations

Zimbabwe’s top diamond miner cuts 400 jobs as prices slump

Rough diamonds

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14th July 2025

By: Bloomberg

  

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Zimbabwe’s biggest diamond miner is cutting 400 jobs, weighed down by a global downturn in the market for natural gems, a company representative said by phone.

State-owned Zimbabwe Consolidated Diamond Co (ZCDC) had to make the cuts to avoid shutting down operations, the representative said.

ZCDC had to choose between closing operations or maintaining them at a reduced rate whilst awaiting a price recovery, the representative said separately via text message, adding the miner has over 1 800 employees.

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 jewelry stores in New York.

Edited by Bloomberg

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