Representatives of five African diamond producing countries met Saturday in the Angolan capital of Luanda to push ahead with plans to form a regional diamond cartel similar to OPEC, which regulates world oil prices.

Ministers and industry reps from South Africa, Angola, Namibia, the Democratic Republic of Congo and Zimbabwe discussed using the African Diamonds Producing Countries Association (ADPA) as a cartel to increase their share of the world diamond market whose value is estimated at $13.1 billion. The five countries, and Botswana, produce more than half of the world’s diamonds by value.

Contrary to earlier reports, Botswana, the diamond producing heavyweight of the continent, has declined to join the organization, saying it is unsure of its benefits. It did not participate in the meeting.

“We will establish the OPEC of diamonds," the DRC’s Deputy Mines Minister Victor Kasongo was quoted as saying previously.

"We will form united diamond policies, so that we have more power in the international arena."

The Namibian says Kasongo's views highlight speculations of frustration among African diamond producers who believe countries like India, Israel and Belgium are reaping the lion’s share of revenues as “masters of the diamond trade”.

Experts proposed a $1.3 million budget for the fledgling ADPA, and said the money should come from fees paid by the organization’s 19 member states.

The organization was first established in 2006 in Angola to promote exploration, mining, cutting and polishing, human resource development, information exchange, trade and stopping the trade in conflict diamonds.