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Angola: Government Expects 14.8M Carats of Diamonds With $2.1B Turnover in 2025

Angola: Government Expects 14.8M Carats of Diamonds With $2.1B Turnover in 2025

Endiama, the Angolan state-owned diamond company, expects to produce 14.8 million carats of diamonds in 2025 and have a turnover of US$2.1 billion (€1.8 billion), the chairman of the board of directors said on Wednesday.

José Ganga Júnior, who was speaking on the occasion of the company’s 44th anniversary, estimated a price of US$146 per carat of diamond for this year, despite the problems in the market.

According to the chairman of the board of Endiama, the significant reduction in prices has been going on for a number of years, reaching more than 60% in some cases.

“The fact is that (…) we have a stock of diamonds of more than three million carats, the market at the moment is not absorbing diamonds,” he said.

In consultation with the main producers, namely the multinationals De Beers and Alrosa, the national diamond company has defined the need to ‘dry up production’.

“In truth, that’s what’s happening, in the sense of creating more demand, more appetite, for the consumer. We need to see how we can resolve that. On the other hand, the country needs money, but to produce and not yield, I don’t know what’s better? Leave the diamonds in the ground until there’s some recovery and we’ll follow it up,” he said.

In 2023, Angola recorded production of around eight million carats and invoiced US$2.9 billion and in 2024 it reached a production record, with 14 million carats and invoicing just US$1.4 billion.

“We’ve been doing a calculation: if we were to earn at last year’s prices we’d reach almost US$3 billion with the production we had in 2024. So this is a problem that we have and that we need, together with the government, to analyse and see what path we’re going to follow,” he said.

For 2025, one of the challenges, according to the CEO of the public diamond company, is to improve the organisation in order to anticipate the challenges of the future, namely the implementation of production tracking certificates with all the mining companies in which Endiama is a partner and its subsidiaries.

“Today, diamond buyers are increasingly raising issues about the origin of diamonds, whether or not they respect the rules of environmental sustainability, whether there is no child labour, whether [production] is duly certified. This is a job we need to do,” he emphasised.

José Ganga Júnior also pointed to synthetic diamonds as a challenge, emphasising that “the new people that are consuming diamonds no longer care if it’s a natural diamond that comes from the mines or if it’s in a laboratory, where in five minutes a cheap machine makes the diamond”.

“They want the diamond and nothing else, we need to work on showing people that natural diamonds are changing lives, bringing wealth, transforming society,” he added.

He said that the producers had decided to set up an Association of Natural Diamond Producers, and that an installation committee had already been set up, with the main projects, but that it should be extended to other producers, “to find ways of surviving”.

The same effort is being made at international level, with Endiama joining the Committee for the Defence of Natural Diamonds, he said.

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