Unlocking the platinum promise: Building Zimbabwe’s jewellery economy from the ground up

By Eng. Martin January and Eng. Paul Matshona

Zimbabwe sits astride one of the world’s richest platinum-bearing belts, yet the country paradoxically exports raw or semi-processed platinum while importing finished platinum-based jewellery.

As global demand for platinum group metals (PGMs) intensifies, Zimbabwe’s mineral wealth holds untapped potential for downstream value creation.

The challenge lies in converting geological endowment into a vibrant jewellery manufacturing economy- one that can generate jobs, diversify exports, and strengthen Zimbabwe’s industrial base.

Platinum’s appeal is resurging. In 2025, prices have broken beyond their multi-year plateau, spurred by supply constraints and renewed demand in key jewellery markets.

Analysts note that platinum’s global supply is under pressure, and deficits may persist. The window is open for Zimbabwe to reimagine its relationship with this precious metal; not as a raw resource to be shipped abroad, but as the DNA of a homegrown jewellery industry.

In our previous discussion, Reclaiming the Golden Craft: The Story of African Gold in Jewellery Making, we explored how gold, like platinum and other precious metals, transcends its monetary value to embody cultural heritage reimagined.

This vision calls for rethinking craftsmanship and innovation in the use of our mineral resources to build a vibrant, value-driven jewellery industry worth USD 2 billion in Zimbabwe.

Zimbabwe’s Platinum Endowment

At the heart of Zimbabwe’s platinum story is the Great Dyke; a 550-kilometre geological belt slicing through the country’s centre. Within this formation lie some of the world’s richest PGM reefs. Zimbabwe is commonly ranked as the third-largest platinum producer globally.

Production data underscores the scale: Zimbabwe’s platinum output in recent years has hovered around 19,000 kg (roughly 515,000 ounces) per annum. In fact, production in 2024 is estimated at 121,000 ounces.

Zimbabwe’s platinum sector is projected to expand: the World Platinum Investment Council projects 491,000 ounces in 2025, rising to 563,000 ounces by 2027.

Major producers include Zimplats (an Impala Platinum subsidiary), Unki, and Mimosa. Zimplats alone accounted for substantial output increases in 2023, aided by expansions in milling and concentrator capacity. These mines contribute significantly to foreign currency earnings, fiscal revenues, and employment in mining regions.

Yet compared with global peers, Zimbabwe’s reserve share is more modest. South Africa dominates, producing perhaps 120,000 kg of platinum annually.

Russia, too, remains a top rival. Zimbabwe’s PGM reserves are estimated at around 1,200 tonnes, or approximately 1.7 % of global PGM reserves.  In short: Zimbabwe has the geology, the production potential, and presence on the world platinum map. What it lacks is a robust downstream sector.

The Missing Link:  Downstream Value Addition

Today, the commercial value chain largely ends in matte, concentrate, or semi-processed products. Zimbabwe mines raw platinum-bearing ore, extracts and processes to smelter level, and then exports PGMs for refining abroad. This means that most of the precious margin, branding, design, and consumer linkages are captured overseas.

The price differential is striking. A kilogram of refined platinum metal commands many times more value than the raw concentrate. By exporting raw or semi-refined outputs, Zimbabwe forgoes an estimated 50 to 80 % of potential value addition, depending on global routes and markups. (This is a working industry estimate; precise figures depend on alloying, polishing, and branding.)

Beneficiation is not new in national policy lexicon. Zimbabwe’s National Development Strategy 1 (NDS1) and the Minerals Policy emphasize downstream mineral processing, local content, and value addition.

The government has also floated a Platinum Beneficiation Strategy, mandating that a portion of royalties be paid in refined metal to encourage local refining.

In 2022, Zimbabwe revised its royalty regime, so mining firms pay royalties partly in cash and partly in refined metals; a mechanism intended to force beneficiation or at least retention of physical stockpiles. The aim: retain more of the PGM value chain domestically rather than pass it to external refiners and jewellery houses abroad. But policy without capacity is hollow. Zimbabwe currently lacks large-scale precious metals refineries (for PGMs) optimized for jewellery feeds, and downstream clusters are undeveloped. This is the missing link.

Platinum in Jewellery Manufacturing

Globally, platinum jewellery had historically languished behind gold and silver in consumer preference, but recent trends are shifting. In Q1 2025, global platinum jewellery demand rose by 9 % year-on-year, reaching around 533,000 ounces.

The rebound has been led by gains in China and India, plus stronger performance in luxury segments. China is seeing renewed momentum. Its platinum jewellery fabrication is projected to grow 15 % year-on-year in 2025, reversing previous declines. Meanwhile, India is also showing modest growth in the platinum jewellery segment.

What distinguishes platinum in the jewellery world? It is durable, hypoallergenic, dense, doesn’t tarnish, and carries a prestige akin to “ultimate premium white metal.” Unlike white gold, it does not require rhodium plating. Moreover, its high density means a smaller volume for a given weight, a hallmark of luxury. These attributes make it ideal for premium wedding bands, designer rings, high-end earrings, and custom artisan pieces.

Zimbabwe can carve out a luxury niche by integrating cultural motifs, heritage symbols, and local gemstones. Imagine “Great Dyke platinum rings” or “Shona symbol pendants in pure platinum”; struck locally and branded globally. That combination of metal prestige and Zimbabwean identity could command premium pricing.

Industrial and Policy Enablers

To realize this vision, several industrial and policy enablers must align:

Refining & Smelting Capacity

Zimbabwe must invest in a domestic precious metals’ refinery capable of handling PGMs, specifically in jewellery-grade purity. This requires capital, technical partnerships, and certifications (assay, hallmarking). Ideally, a public–private refinery with linkage to mining houses would ensure feedstock stability.

Skills, Design and Technical Education

Downstream jewellery manufacture demands designers, gemmologists, lapidaries, casting and finishing artisans, technologists, and quality control labs. Institutions like the Zimbabwe School of Mines, Aurex, National University of Science and Technology, and specialized jewellery schools should be partners in curriculum development and vocational training.

Standards, Hallmarking and Quality Assurance

A robust hallmarking system is essential to guarantee purity and quality, domestically and for export compliance. Zimbabwe must build alignment with international standards (e.g., ISO, hallmarking offices) to ensure credibility in western and Asian markets.

The Zimbabwe School of Mines was recently accredited under ISO 9001 for quality management and is now in the process of accrediting its laboratories under ISO 17025.

This accreditation aims to ensure that the school’s jewellery, gemstone cutting, and polishing laboratories operate competently and produce reliable, internationally recognized results.

Achieving ISO 17025 certification will not only enhance confidence in the quality and accuracy of the laboratory’s work but also mark an essential step toward producing world-class jewellery products that meet global best standards.

Investment Incentives and Capital Access

Jewellery start-ups must compete globally. Incentives may include tax breaks, duty-free equipment importation, subsidised utilities, soft loans in foreign currency, export guarantees, and grants for branding and trade fairs.

Export Marketing and Brand Promotion

A Zimbabwe platinum jewellery brand needs narrative, packaging, and strategic marketing.

The government and private sector must support attendance at international gem & jewellery shows (Hong Kong, Vicenza, Basel), e-commerce platforms, and partnerships with global luxury houses. These enablers dovetail with Zimbabwe’s broader industrial ambitions under NDS1 and Vision 2030. The government must see platinum jewellery as a strategic catalyst, not a boutique novelty.

Challenges and Constraints

The challenges facing the development of a vibrant jewellery and gemstone beneficiation industry in Zimbabwe are both structural and practical, reflecting the broader complexities of industrializing the mineral value chain.

Technological and Capital Constraints

Establishing a PGM jewellery-grade refinery demands substantial capital investment, specialized equipment, and advanced metallurgical expertise.

Such infrastructure requires precision processing technologies capable of producing high-purity metals suitable for fine jewellery applications. However, many local investors and entrepreneurs lack both the technical capacity and the risk appetite to venture into this capital-intensive domain. Access to affordable financing is limited, and the absence of targeted incentives or public–private partnerships further deter investment.

Weak Market Linkages

A thriving jewellery ecosystem depends on strong vertical and horizontal linkages; connecting miners, designers, cutters, polishers, manufacturers, and retailers.

In Zimbabwe, the absence of integrated supply chains creates fragmentation across the value chain. Jewellers often struggle to source quality designs, gemstones, packaging materials, and reliable distribution channels. Without these coordinated linkages, scaling production and building recognizable brands becomes challenging, limiting the sector’s competitiveness in both domestic and export markets.

Foreign Currency and Input Costs

Jewellery manufacturing is inherently dependent on imported inputs, including precision tools, casting alloys, polishing media, and high-quality packaging materials.

Persistent foreign currency shortages significantly constrain access to these materials, leading to production delays, cost escalations, and operational inefficiencies. Moreover, exchange rate volatility and import duties further erode profit margins, discouraging sustained production and innovation.

Institutional Coordination and Policy Risk

The jewellery and beneficiation sector straddles multiple ministries; Mines, Industry, Commerce, Trade, and Finance; whose mandates often overlap.

Weak coordination among these institutions creates regulatory bottlenecks, inconsistent policy signals, and delays in licensing or export approvals. Frequent policy shifts and lack of long-term strategic alignment undermine investor confidence, making it difficult for both local and international stakeholders to commit to large-scale beneficiation projects.

Scale and Volume Risk

Jewellery manufacturing is a volume-sensitive business where profitability depends on achieving economies of scale.

In Zimbabwe, most players operate as small, isolated workshops without access to shared infrastructure, such as common refineries, testing facilities, or export promotion hubs. The absence of aggregated production clusters or anchor clients means that individual enterprises struggle to meet bulk orders or maintain consistent quality standards, thereby limiting their global market penetration.

Raw Material Allocation Conflicts

Another major challenge lies in securing consistent raw material supplies.

Mining companies, particularly those dealing in PGMs and gold, often prefer exporting raw or semi-processed materials to secure higher foreign exchange returns. In a constrained currency environment, diverting part of this feedstock to local manufacturers is seen as less profitable.

This tension between export earnings and domestic value addition creates a bottleneck for downstream beneficiation, making it difficult for local jewellers to access inputs at competitive prices.

Opportunities & Regional Positioning

Zimbabwe has precedents to follow, South Africa has invested heavily in PGM beneficiation, especially in catalytic converter production, platinum bullion, and some jewellery clusters.

Although SA continues to face challenges, its model shows how incremental downstream steps can scale over time. India offers a parallel in jewellery cluster development: cities such as Jaipur, Surat, and Coimbatore host ecosystems of design, casting, gemstone cutting, finishing, and export marketing. Zimbabwe can emulate a regional cluster model anchored on PGM feedstock.

Through AfCFTA (African Continental Free Trade Area), Zimbabwe could export platinum jewellery tariff-free to African markets; a strategic advantage if volumes and standards align. Further, proximity to South Africa offers logistic corridors to major ports and consumer markets.

A “Zimbabwe Platinum Jewellery Brand” could coalesce around narrative, Great Dyke provenance, African luxury, ethical sourcing, artisanal craft. Partnering with high-end international brands or boutique designers could anchor credibility and demand.

Seizing the Platinum Moment

Zimbabwe’s platinum promise is undeniable. But promise without structure yields economic leakage and missed opportunity. The case for platinum-based jewellery industrialisation is not fanciful, it is a strategic imperative for export diversification, employment creation, and moving up the value chain.

The path will not be easy. It demands bold public–private investment, capacity building, coherent policy, and patient long-term vision. But if Zimbabwe can turn raw metal into branded artistry. marrying Great Dyke provenance with design excellence, it can transform from mineral exporter to jewellery originator.

A future where “Great Dyke” platinum rings adorn wrists in New York, Shanghai, and Dubai is not beyond reach; it is a horizon worth pursuing.

The time is now; to build the infrastructure, the artisans, the brand, and the industry. In doing so, Zimbabwe can unlock a new chapter in its industrial journey; one in which its platinum no longer flows out as raw ore, but returns home, shaped, polished, and re-exported as elegance.