This chapter draws on past theories of ownership structure in the oil sector and applies them to the alluvial diamond sector in Zimbabwe. The alluvial diamond sector in Zimbabwe presents a natural experiment for understanding ownership structure in that the state and ruling party have been the same since 2006. Still, at least six different ownership regimes have been attempted. This chapter traces each of these and examines how the unpredictability of ownership in the diamond sector has often led to large-scale diamond smuggling and a regulatory framework reflective of political dynamics. The unpredictability of ownership has, in and of itself, caused difficulty in the Zimbabwean diamond sector and has reflected the unpredictability of state institutions. Thus, this chapter argues that past approaches that have been developed to examine the oil sector of states have some relevance for states that have a large amount of alluvial diamond wealth. However, the unique ability for a large amount of diamond wealth to be smuggled into a small space has made the significant increase in diamond wealth since 2006 a challenge for the formal economy and state capacity.