- Zimbabwe’s state diamond miner ZCDC has named Dennis Mtombeni as chief executive, effective July 1, 2026.
- Mtombeni, a 26-year mining veteran, succeeds Douglas Zimbango, who steps down June 30 after a brief but turbulent tenure.
- The appointment comes as Zimbabwe’s diamond revenues fall sharply, with prices down from a peak of $79 to $22 per carat amid rising competition from lab-grown gems.
ZIMBABWE’S state-owned diamond company, the Zimbabwe Consolidated Diamond Company (ZCDC), has appointed Dennis Mtombeni as its new chief executive officer.
Mtombeni will become CEO-designate on June 1 and assume full responsibilities on July 1, according to a company statement dated May 28.
He succeeds Douglas Zimbango, who will step down at the end of June. The board described Zimbango’s time in charge as a “particularly challenging time for the diamond industry.”
Zimbango joined ZCDC as a non-executive director in 2022 before being seconded to lead the executive team in January 2024. Before ZCDC, he held senior roles including Managing Director of Zimbabwe Posts and CEO of Bigtime Strategic Group in Zimbabwe and South Africa.
During his tenure, Zimbango oversaw a period of severe market pressure. He told lawmakers that Zimbabwe’s diamonds “have experienced a worse down from a peak $79 to $22 because of product profile, geopolitical tensions, synthetic diamonds, market collusion and unsatisfactory sales framework.”
Mtombeni brings 26 years of mining experience across gold, graphite, platinum, diamonds and industrial minerals. He joined ZCDC in 2017 and has held several senior roles within the company, including mine manager, general manager of operations, and acting chief operating officer since 2024.
He holds a Master’s degree in Business Administration from Midlands State University, an Executive Development Programme certificate from the Witwatersrand Business School in South Africa, and a Mining Diploma from the Zimbabwe School of Mines.
ZCDC Chairman Onesimo Mazai Moyo said Mtombeni’s “extensive experience, leadership capabilities and deep understanding of the company, positions him well to lead ZCDC into its next phase of growth and value creation.”
June will serve as a handover period, with Mtombeni working closely with Zimbango to ensure a seamless transition.
Mtombeni takes charge at a difficult moment for the sector. Zimbabwe’s main state-owned diamond miner aims to produce five million carats this year, up from 3.8 million in 2025, even amid geopolitical tensions and a proliferation of synthetic gems.
The country sold 784,764 carats of diamonds in the first quarter of 2026, an 11% decrease from the same period the year before, with the value of those sales falling approximately 29% to $21.6 million.
Ernest Denhere, deputy chief investment officer of the Mutapa Investment Fund, which owns ZCDC, warned that Zimbabwe’s diamond industry faces an “existential threat” from lab-grown diamonds, describing their disruption as “seismic” and not a passing trend.
Zimbabwe ranks seventh globally by production volume, accounting for roughly 3% of world output, but its per-carat revenue remains well below the global average. Zimbabwean rough diamonds currently fetch between $22 and $34 per carat, compared to an average of $100 per carat for better-quality rough diamonds from other producers.
A processing plant expansion at Chiadzwa is targeted for completion by August 2026, and is designed to increase throughput capacity and support the country’s production scaling ambitions.
ZCDC is wholly owned by the Government of Zimbabwe and has mining operations in the Chiadzwa area of Manicaland and in Chimanimani. Zimbabwe consolidated its diamond mining operations under ZCDC in 2016 to improve transparency.
