Angola Diamond Revenue Drops, Despite Doubling Export Volume
November 04, 25
(IDEX Online) - Angola more than doubled the volume of diamonds exported in the first nine months of 2025 - but saw revenue fall by 14 per cent as prices globally kept on collapsing.
Production from January to September was 10.7m carats, the government said on Friday (31 October).
Total production in 2024 was 14m carats and the target for this year is 14.8m carats. It has been on the increase since the opening of the vast Luele mine in November 2023, which is bigger than Catoca.
It also follows the withdrawal of Alrosa, the sanctioned Russian miner, from a long-term partnership with Catoca, Angola's state-controlled diamond miner.
Secretary of state for mineral resources Janio Correa Victor blamed lab growns, together with US tariffs, global economic uncertainties and China's slow post-Covid recovery for the slump in prices.
Despite the "bleak international scenario," he said: "We can proudly say that Angola is solidifying its position as an attractive source of gem-quality rough diamonds, reinforcing its strategic position in the international market."
He said the average price per carat for rough diamonds so far this year was $96.70, down 32 per cent from $142.52 the previous year. More than 90 per cent exports went to the UAE, Belgium and Hong Kong.
Pic of rough diamonds courtesy Catoca.