Governments of major diamond-producing countries and industry leaders have signed the Luanda Accord, committing to allocate 1% of annual revenues from rough diamond sales to support the marketing of natural diamonds through the Natural Diamond Council (NDC).
Backing for Natural Diamond Promotion
The agreement was signed during a Ministerial Round Table in Luanda, Angola, where participating countries and companies expressed a unified approach to enhancing global consumer awareness of natural diamonds. This initiative aims to address a decline in category marketing investment and respond to the impact of synthetic alternatives on consumer perceptions.
Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, emphasised the socioeconomic importance of the industry for producing nations, stating: “Natural diamonds are more than just precious stones — they are a lifeline for millions of people and a cornerstone of economic opportunity in many of our countries.”
Funding Model and Strategic Objectives
The Luanda Accord outlines a plan to support the NDC’s global marketing efforts by pooling contributions from participating governments and De Beers Group. The funds, derived from 1% of rough diamond sales revenue, are intended to support marketing activities aimed at increasing consumer awareness and interest in natural diamonds across key markets.
“This is a decisive step forward,” said Minister of Minerals and Energy of Botswana, Bogolo Joy Kenewendo. “By coming together, we are sending a compelling message: that the future of natural diamonds lies in ambition, transparency, and a commitment to telling our story to the world – and that we are all committed to investing and telling that story.”
David Kellie, CEO of the NDC, commented: “Bringing together key leaders in the industry highlights the challenge facing the industry of insufficient investment in growing consumer demand. I am greatly appreciative to all the Ministers who attended the meeting and their commitment to focus on consumer demand as the driver of future prosperity. I’d also like to thank De Beers for their unwavering support, and to the diamond centers of Antwerp, Dubai and Mumbai for their role in making the Accord happen.”
Collaborative Industry Vision
The Accord calls on all segments of the diamond supply chain — including miners, traders and retailers — to align with the initiative. It acknowledges challenges such as increased competition from synthetic stones and changing market dynamics, and positions joint marketing efforts as a key industry response.
Botswana’s Minister of Minerals and Energy, Bogolo Joy Kenewendo, noted the importance of collaborative industry action, stating: “By coming together, we are sending a compelling message: that the future of natural diamonds lies in ambition, transparency, and a commitment to telling our story to the world and that we are all committed to investing and telling that story.”
