Zimbabwe’s largest diamond mining company is cutting 400 jobs amid a global downturn in the natural gemstone market, a company representative has announced.
According to Bloomberg, the state-owned Zimbabwe Consolidated Diamond Co. (ZCDC) had to implement the layoffs to avoid shutting down operations entirely.
The ZCDC was forced to choose between halting operations or continuing at a reduced pace while waiting for diamond prices to recover, the representative said, adding that the company employs over 1,800 people.
Global diamond prices have been severely impacted by the growing popularity of lab-grown gems, which are becoming increasingly affordable, and by declining demand in key markets such as China and the United States. The crisis has affected the entire $80 billion diamond industry, from mines in Africa to jewelry shops in New York.
Source: DE
