Zimbabwe has been in a bit of an economic slump to put it lightly. Many people had to sell gold and diamonds for cash in order to make ends meet in the poverty stricken country while others have had to live in terrible conditions. There is hope on the horizon though – diamond fields have been found in the south of the country and may give the economy the boost it needs to get the country back on its feet.
This news comes just in the nick of time as the mining area in Chiadzwa is almost depleted of alluvial deposits and many investors were starting to look at other options. The discovery of the Umkhondo basin has managed to keep their interested firmly rooted in the diamond industry in Zimbabwe and has also managed to attract the attention of quite a few potential new investors despite the fact that little exploration has taken place thus far.
The basin is around 10 000 square kilometres which is roughly the size of Swaziland. This is quite a big piece of land and it holds huge potential for the country. The government realises the important role that these fields can play in their economic growth and have already started gathering funding for the endeavour.
The entire basin is a government reserved area that is currently being explored by a Russian firm in conjunction with the Development Trust of Zimbabwe. With an estimated 25% of the world’s alluvial diamonds originating in Zimbabwe and diamond prices on the increase, it is no wonder that this diamond field is big news.
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