Zimbabwe's state-owned diamond miner plans to increase production in 2026

Golden Ten Data reported on May 16 that despite facing geopolitical tensions and an influx of synthetic diamonds, Zimbabwe's leading state-owned diamond miner plans to produce 5 million carats of diamonds this year, up from 3.8 million carats in 2025. Douglas Zimbanhgo, CEO of Zimbabwe Consolidated Diamond Company, told lawmakers in the eastern town of Mutare that due to a range of local issues, Zimbabwe's diamond industry has experienced a more severe downturn than the international market. Internationally, rough diamond prices have dropped by 26% to 35%, but Zimbabwe's diamonds have plunged from a peak of $79 per carat to $22 per carat. This is due to its product mix, geopolitical tensions, synthetic diamonds, market collusion, and an unsatisfactory sales framework. The international diamond market remains sluggish, especially for unique rough diamonds, with prices expected to range between $22 and $34 per carat in 2026. In contrast, premium rough diamonds from other producers can average up to $100 per carat.