Angola Aborts World Diamond Summit

After months of promotion, Angola cancelled the World Diamond Summit scheduled for November. The Angolan government cited the negative affect the global economic crisis has on the diamond industry.

The summit was planned to focus on diamond producers and rough diamond trade. Ironically, African diamond producing countries are among the worst affected by the crisis. Countries such as Botswana and Angola rely heavily on revenue generated from their diamond riches.

With a drop in rough diamond demand, most producers such as De Beers decreased their diamond mining activities, some bringing them to a complete stop until the market improves.