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. – (Bloomberg)
