ZCDC Lays Off 400 Workers as Global Diamond Prices Plunge and Lab-Grown Gems Rise
Zimbabwe’s largest diamond producer, the state-owned Zimbabwe Consolidated Diamond Company (ZCDC), is laying off 400 employees as it struggles to cope with a global downturn in demand for natural diamonds, a company representative confirmed.
Speaking by phone, the spokesperson explained that the job cuts were a necessary measure to keep operations running and avoid a complete shutdown.
In a follow-up text message, the representative noted that ZCDC had to choose between halting production entirely or maintaining operations at a reduced scale while awaiting a recovery in diamond prices. The company currently employs over 1,800 workers.
The decision comes amid a significant global slump in the natural diamond market. Soaring demand for lab-grown diamonds—now more affordable and widely available—has eroded the market for mined gems.
At the same time, demand in key regions such as China and the United States has declined sharply.
The crisis has had widespread impacts across the $80 billion diamond industry, affecting everything from African mining operations to high-end jewelry retailers in New York.
