Zimbabwe Mines and Mining Development Minister Winston Chitando has said the government is confident it will produce six million carats and generate US$1 billion from the diamond industry next year in line with set targets.
The government plans to grow the mining industry to US$12 billion by next year.
The diamond sector is projected to contribute US$1 billion; Gold is expected to generate US$4 billion, while platinum is expected to bring in US$3 billion.
When the plan was launched in October 2019, mining contributed only US$2.7 billion to economic growth and to US$5.3 billion last year.
In 2021, diamond production stood at four million carats, up from 1.8 million carats recorded in 2018.
Chitando told The Sunday Mail Business that the set target in the production of precious stones was on the back of expansion projects, as well as value addition and beneficiation initiatives in the sector.
Speaking after officiating at the inaugural gemstones conference organised by the Zimbabwe School of Mines in Harare last week, Minister Chitando said:
All I can say is we are achieving US$1 billion next year . . .
During the Covid-19 pandemic, the diamond industry became subdued. I would rather focus on the future and on the fact that we are going to do over six million carats next year, through which we will achieve our US$1 billion.
On the diamond side, we are very clear in terms of the gemology centre, value addition and the arrangement between ZCDC (Zimbabwe Consolidated Diamond Company) and Aurex, and various other value addition initiatives which are being undertaken.
Current projects under expansion and development include Alrosa, Anjin and Murowa Diamond.
Meanwhile, government critics say while Zimbabwe is endowed with vast natural resources and is host to more than 40 different minerals in the categories of precious metals, base metals, industrial metals and gemstones, the resources are only benefiting political elites.
They say rampant looting in the mining sector results in the allocation of insufficient funds towards service delivery.