ZCDC targets 5,7m carats by year end

THE Zimbabwe Consolidated Diamond Company (ZCDC) is targeting to produce 5,7 million carats by year end and double that amount for 2025, after ramping up production.

In a statement, ZCDC board chairperson Munashe Shava said the company has come up with various initiatives to offset the falling commodity prices.

“Commodity prices are currently depressed on the global market and as ZCDC, we have come up with various initiatives to offset this worrisome development,” he said.

“We have ramped up production and this year, we have set a target of 5,7 million carats and we see this target nearly doubling to 10 million carats in the coming year.

“Apart from ramping up production, we also adopted cost-cutting measures while at the same time optimising operations.”

This year, ZCDC paid a US$1,2 million dividend to Chiadzwa Community Share Ownership Scheme to finance critical development projects for communities in Manicaland province.

The State-owned diamond miner said it has over the years invested in the well-being of its staff and communities around the diamond miner’s operations.

ZCDC corporate affairs executive Sugar Chagonda said the company was excited to be engaging with its critical external stakeholders during the week-long exhibition.

the company is exhibiting at the Zimbabwe Agricultural show after a two-year hiatus.

“As ZCDC, we are so delighted to be showcasing our business operations as well as telling stakeholders and the public how diamonds are transforming the lives of ordinary people beyond Chiadzwa and surrounding communities.

“The outbreak of the COVID-19 pandemic had resulted in us slowing down on our awareness activities such as this one but now we will once again scale up such initiatives,” Chagonda said.

“We are proud to have partnered the Zimbabwe Agricultural Society as one of the headline sponsors of the ESG Breakfast Conference, which will take place on August 29, 2024 [today] at the Harare International Conference Centre. This bears testimony to our commitment to equitable and sustainable development.

“Our operations dovetail with this year’s theme and as a responsible corporate citizen we continue to champion innovative ways which promote prosperity at both community and national level in line with National Development Strategy 1. As ZCDC, we have internalised the philosophy ‘From Mine to Shine, Building Prosperity Together’ and this has been our story.”-newsda