A vaned diffuser for a centrifugal compressor has provision for selectively adjusting the pitch of the vanes in order to accommodate variable load conditions. Each of the vanes is rotatable about a pivot pin near its leading edge and is engaged with an actuation member near its trailing edge. The actuation members are attached to a common ring which can be selectively rotated to move to the vanes in unison. The ring is supported by rollers at its outer periphery and is positioned at the outer periphery of a diffuser wall such that there is no forward facing step projecting into the flow stream. A throat is defined between adjacent vanes, and the pivot pin for each vane is located downstream of the throat on the pressure side of the vane to reduce turbulence in the flow at the throat.