The Zimbewaen Government recently signed a joint venture agreement with the world’s top diamond producer by volumes, Alrosa Overseas SA. The joint venture is for the exploration, extraction and marketing of diamonds. This move is expected to transform Zimbabwe’s diamond sector and attract foreign investment.
The joint venture partners are Zimbabwe Consolidated Diamond Company (ZCDC), a Government diamond mining firm and Alrosa Overseas SA. The joint venture was signed at Harare recently. When operational, it is expected to up the diamond production of the country by 10 million carats by 2023.
Alrosa is a Russian group of diamond mining companies specializing in exploration, mining, manufacture, and sale of diamonds. It leads the world in diamond mining by volume and has mining interests in Western Yakutia, the Arkhangelsk region and Africa and accounts for 95% of Russia’s diamond production and 27% of the global diamond extraction.
Speaking at the signing ceremony Zimbabwean President Emmerson Mnangagwa said that the joint venture would help the country to achieve its vision of becoming a part of the upper middle income countries by 2030 and demonstrates the government’s commitment to attract investment from all over the world.
