Angola aims to boost diamond production to 17.53 million carats by 2027 under its National Development Plan 2023–2027 and to leverage mining revenues to enhance food security, job creation and poverty reduction.
With 24 operational mines and 54 exploration projects, Angola’s diamond industry is positioned for expansion.
The country anticipates diamond revenue to grow from $1.4 billion in 2024 to $2.1 billion in 2025, increasing the sector’s contribution to gross domestic product (GDP).
State diamond firm ENDIAMA estimates Angola holds over 732 million carats of untapped reserves worth more than $140 billion.
To capitalise on these resources, ENDIAMA plans to launch a diamond production and processing pilot project at the Luachimba facility in 2025 and to advance feasibility studies at the Xamacanda site to expand independent production.
Foreign investment is also reshaping the sector.
In October 2024, De Beers identified eight new diamond project targets under a strategic partnership with ENDIAMA and Angola’s National Agency of Mineral Resources.
The following month Maden International Group, a subsidiary of Oman’s Sovereign Fund, acquired stakes in Catoca and Luele Mines from Russia’s Alrosa, injecting fresh capital and expertise.
Meanwhile, Rio Tinto is exploring new diamond and critical mineral prospects in the country.
Further highlighting Angola’s diamond potential, Lucapa Diamond Company uncovered a 176-carat diamond at Lulo Mine in August 2024, marking the fifth discovery over 100 carats at the site that year.
Angola’s growing prominence in the diamond industry will be showcased at the upcoming African Mining Week (AMW) where investors and stakeholders will explore new opportunities, reinforcing the country’s status as a key player in the global diamond market.
AMW is held alongside the African Energy Week: Invest in African Energy 2025 conference slated for October 1-3 in Cape Town.
JN/APA