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Zimbabwe’s diamond producers are urging the Government to reduce royalties to as low as 2% and cut licensing fees, warning that collapsing diamond prices have left them struggling to sustain a fiscal burden that the industry says is among the heaviest in the world, Mining Zimbabwe can report.
By Ryan Chigoche
Chamber of Mines of Zimbabwe Chief Executive Officer Dr Isaac Kwesu told a Ministry of Mines and Mining Development Strategic Planning Workshop in Kadoma that diamond prices had fallen to approximately US$22 per carat from US$72, a decline of almost two-thirds, as lab-grown diamonds reshape the global market and squeeze margins for natural diamond producers.
“The cost structure remains unbearable, it remains too high, and they are calling for government intervention,” Kwesu said, relaying the miners’ position.
“The diamond prices have declined from around 72 cents per carat to now 22—so $22 from $72, that’s almost three times down. It’s now a third of what it used to be, but the cost structure, if not helped much, they remain constant, or they’ve been rising,” Kwesu said.
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Zimbabwe levies a flat 10% royalty on diamond revenue, a rate the Chamber has long argued is among the highest in Africa and significantly above those of regional peers such as South Africa and Ghana, where royalties are approximately 5%.
The producers, including State-owned Zimbabwe Consolidated Diamond Company (ZCDC), Anjin Investments, Alrosa’s local unit and RZM Murowa, have been lobbying for a price-linked royalty structure that would allow the State to capture more revenue during market booms while keeping miners viable during downturns.
The Government has already introduced a three-tier, price-sensitive royalty model for gold in its 2026 Budget, a policy contrast the Chamber has highlighted in its advocacy for similar treatment of diamond producers.
The proposed diamond framework would introduce a base royalty of 2% at current price levels, with the rate increasing as prices recover. Miners are also seeking a reduction in X-ray machine licensing fees from US$50,000 to US$10,000 per machine, which Kwesu described as “very, very high”.
“They’ve said that this is major costs that they’re facing, and if government intervenes, they’ll be able to survive some way, somehow, until this tide is overcome,” he said.
“They’re requesting support, specifically saying a 2% royalty may be better for them. Otherwise, they would prefer, maybe, not to pay a lot at all at this juncture,” Kwesu added.
The appeal comes as Zimbabwe’s diamond sector faces mounting operational and financial pressures. RioZim-owned Murowa has scaled down operations, while Anjin has been placed under care and maintenance, leaving ZCDC as the only diamond mine still operating, according to industry reports.
Globally, rough diamond prices have fallen by approximately 74% from their 2020 peak, while lab-grown diamonds have expanded from a niche alternative to account for more than half of engagement-ring centre stones in the United States.
Kimberley Process data show that Zimbabwe increased its physical diamond output by 18.6% between 2022 and 2024. However, the reported value of that production fell by more than 61%, a divergence that underscores the pressure falling prices can place on producers operating under a fixed royalty regime based on gross revenue.
Kwesu said diamond miners had already met with the Minister of Finance, the Minister of Mines and the Public Service Commission to present their concerns. He added that companies were already implementing layoffs as they sought to contain costs within their control.
The appeal places the diamond sector’s fiscal concerns at the centre of the Government’s 2027 planning process, with producers arguing that the existing tax and fee structure was designed for stronger market conditions and could now be worsening the industry’s financial difficulties.