The Angolan government has set ambitious targets to increase diamond production to 17.53 million carats by 2027, as outlined in the National Development Plan 2023–2027. This strategic move aims to leverage mining revenues to drive economic growth, enhance food security, create jobs, and reduce poverty.
Angola’s diamond industry is poised for significant expansion, with 24 operational mines and 54 ongoing exploration projects. The sector is expected to see substantial revenue growth, from $1.4 billion in 2024 to $2.1 billion in 2025, thereby increasing its contribution to the country’s GDP.
ENDIAMA, Angola’s state diamond company, estimates that the country holds over 732 million carats of untapped diamond reserves, valued at more than $140 billion. To capitalize on these vast resources, ENDIAMA plans to launch a diamond production and processing pilot project at the Luachimba facility in 2025 and advance feasibility studies at the Xamacanda site to enhance independent production capabilities.
Foreign investment is playing a crucial role in reshaping the sector. Recent partnerships include De Beers identifying eight new diamond project targets under a strategic partnership with ENDIAMA and the National Agency of Mineral Resources. Additionally, Maden International Group acquired stakes in Catoca and Luele Mines, injecting fresh capital and expertise into the industry. Rio Tinto is also actively exploring new diamond and critical mineral prospects in the country.
Highlighting Angola’s growing prominence in the diamond industry, the Lucapa Diamond Company recently uncovered a 176-carat diamond at the Lulo Mine, marking the fifth discovery over 100 carats at the site in 2024. This success story will be showcased at the upcoming African Mining Week, where investors and stakeholders will gather to explore new opportunities and reinforce Angola’s status as a key player in the global diamond market.
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