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Angola’s Diamond Industry Shines with US$1.5B Revenue

Angola’s Diamond Industry Shines with US$1.5B Revenue

Angola’s diamond industry continues to sparkle as the country reported generating $1.5 billion in revenue from diamond sales.

In 2023, Angola successfully marketed nearly 10 million carats of rough diamonds, highlighting the nation’s growing prominence in the global diamond market. The substantial turnover underscores the strategic importance of diamonds to Angola’s economy, contributing significantly to its export earnings and economic diversification efforts.

Despite this impressive figure, the diamond sector faced challenges linked to market dynamics. While sales volume increased by 12% compared to the previous year, the sector experienced a 20% reduction in revenue due to a decline in global diamond prices. This disparity reflects the volatility of international commodity markets, impacting Angola’s overall income despite the rise in production and sales. Nonetheless, the resilience of the industry has positioned Angola as a key player in the diamond trade.

Angola’s National Diamond Company (ENDIAMA) continues to lead efforts in boosting production, improving transparency, and attracting foreign investment to the sector. The government’s focus on modernising diamond mining operations and enhancing value addition within the supply chain is central to its broader economic strategy. By fostering partnerships with global stakeholders, Angola aims to maintain steady growth and ensure the sustainability of its diamond resources.

The achievements in the diamond sector signal Angola’s commitment to leveraging its natural resources for economic growth. However, fluctuating global prices remain a key challenge for the country’s ambitions. Strengthening regulatory frameworks, diversifying revenue streams, and expanding programmes will be vital to maximising the potential of Angola’s diamond industry and ensuring long-term economic benefits.

As demand for diamonds continues to evolve globally, Angola is well-positioned to play a pivotal role in the market.

Further Africa

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