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

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 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.

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