Angola has achieved a significant milestone in its diamond industry, producing approximately 12 million carats of diamonds in 2024 – the first time the country has surpassed the 10 million carat threshold, a target outlined in the National Development Plan (NDP) 2023–2027.
Reforms Drive Growth
The achievement is attributed to legal and tax reforms introduced in recent years, which improved the business environment and increased transparency within the diamond sector. These reforms have encouraged investment and facilitated the return of companies to Angola’s diamond market.
Minister Azevedo highlighted these advancements, stating, “We begin to see some trees flourish and harvest some fruits from the seeds launched during the first term of the President of the Republic, João Lourenço.”
Expanding Diamond Processing Capacity
The diamond sector also saw growth in its processing capabilities with the inauguration of a new cutting factory in the Saurimo Diamond Development Hub, bringing the total to eight facilities. The Minister also outlined ongoing efforts to establish the Angolan Diamond Exchange and implement a platform for diamond auctions.
Endiama, Angola’s state diamond company, indicated the potential for diamond production to reach 14 million carats in 2024. However, this optimism was tempered by a decline in international diamond prices, which fell by 40% to 60% over the year. Ganga Júnior, Endiama’s CEO, attributed the price drop to global economic challenges, the conflict in Ukraine, and the influx of synthetic diamonds into the market.
Challenges and Strategic Responses
The decline in diamond prices has prompted a reassessment of Angola’s diamond production strategy. Ganga Júnior emphasised the need for improved communication and marketing efforts to highlight the benefits of natural diamonds. He also suggested aligning production volumes with market demand to stabilise prices.
Broader Mining Sector Developments
In addition to the diamond sector, Angola’s mining industry is advancing other projects, including the construction of the Ornamental Stones Development Hub in Namibe and the Digital Mining Registry of Angola (CMA). These initiatives aim to streamline licensing processes, improve transparency, and enhance the country’s mineral sector.
The development of Angola’s first gold refinery, scheduled for inauguration in 2025, is another key project. These investments signal Angola’s efforts to diversify its mining portfolio and strengthen its position in global mineral resources.
