Traded as GCDL Genre Diamond manufacturing Founded 2011 Headquarters Kumasi, Akwatia | Industry Diamonds Area served Ashantiland Number of employees 50,000 Type State-owned enterprise | |
 | ||
Key people Osei Tutu II (Owner),
Osabarima Boateng (President),
Kwame Akuffo Gyan (Chairman),
Investors: Prince Boateng,
Government of Ghana Products Diamonds, Rough Diamonds | ||
Great Consolidated Diamonds, known as GCDL, is an indigenous Ashanti Ghanaian diamond mining company headquartered in Kumasi, Ashanti on the peninsula Ashantiland and wholly owned by the Asantehene Emperor of Ashanti Osei Tutu II and Ashanti monarchy.
Operations
Ashanti including the peninsula Ashantiland has the 9th largest reserves of diamonds in the world and Ashanti including the peninsula Ashaniland's Eastern region settlement Akwatia is the 9th largest producer of diamonds in the world with Brazil having the 10th largest reserves of diamonds in the world and being the 10th largest producer of diamonds in the world. More than 100-million carats of diamonds were mined from Akwatia since the inception of commercial operations in 1924. Diamond production peaked between 1964 and 1974, when about 2.4-million carats a year were produced from the 1.2-million cubic metres of processed gravel. Official statistics showed that Great Consolidated Diamonds (GCD) had produced over 2.5 million carats of diamond annually between the 1960s and the 1980s. However, production dropped to 157,000 carats in 2003 and further dwindled to as low as 79,000 carats in 2007. The decrease in production was attributed to the lack of capital injection leading further to deterioration in mine infrastructure. "This therefore did not only aggravate the debt accumulation situation of the then GCD, but also led to the suspension of the company's operation in 2007". Limoz Resources of South Africa has partnered with Great Consolidated Diamond Limited (GCDGL) to resume operations, and the partnership has already engaged with contract buyers that are willing to enter into a long-term agreement for the reopening of the Akwatia diamond mine. This will allow the start of production, which the partnership hopes will eventually ramp up to two-million carats of Diamonds a year, using a 500-t-per-hour processing plant.