Angola has replaced Russian diamond miner Alrosa with Maaden International, an Omani investment fund, in its diamond-mining operations.
Alrosa, the Russian state-controlled diamond miner, previously held a 41% stake in the Catoca diamond mine, one of the largest globally. The company has faced sanctions from the United States, United Kingdom, and European Union since 2022, linked to Russia’s invasion of Ukraine.
“Sanctions on the Russian diamond industry created difficulties for the Angolan diamond industry and for the credibility of our diamonds in the international market,” said Angola’s Mining Minister, Diamantino Azevedo. He explained that President João Lourenço directed the Ministry of Mineral Resources and state-owned diamond company Endiama to replace Alrosa with a new partner.
Azevedo referred to Alrosa as a “toxic partner due to the global context,” underscoring how the sanctions had impacted Angola’s reputation in the international diamond market.
Oman’s Maaden International Steps In
Maaden International Investment LLC, a subsidiary of Oman’s sovereign wealth fund leading a consortium of Omani investors, has taken over Alrosa’s stakes in the Catoca and Luele mines.
“From now on, we have a new partner, and this partner is the one that will exercise the rights that until now belonged to Alrosa,” Azevedo said.
Although the financial details of the deal have not been disclosed, Angola’s Ministry of Mineral Resources, Petroleum and Gas confirmed the transfer of ownership is underway.
Implications for the Diamond Industry
The exit of Alrosa from Angola demonstrates the broader impact of international sanctions on Russia’s resource industries. These sanctions have significantly reduced Alrosa’s global sales, with financial support provided by Russia’s state-owned gem repository, Gokhran.
Azevedo also noted the pressure on Angola, Namibia, and Botswana to maintain neutrality amid geopolitical tensions. “Up until now, our country has never been sanctioned because the presidents of Angola, Namibia, and Botswana have adopted a common position with the Group of Seven (G7),” he said.
For jewellers, this change highlights Angola’s efforts to maintain its position in the diamond market and ensure its products remain credible and marketable internationally.
