Angola Diamond Revenue Surges as it Sells Stockpiles
January 13, 26
(IDEX Online) - Angola's diamond revenue surged by 21 per cent during 2025, up from $1.49bn to $1.8bn as it opted to sell off stockpiles from its Luele and Catoca mines, rather than wait for a recovery.
The state diamond company Sodiam, which acts as the country's sole marketing channel, said the number of carats sold was up by more than 70 per cent year-on-year from 10.4m to 17.7m.
But prices per carat fell by almost 29 per cent, down from $143 to $102.
Sodiam deliberately chose to sell, even at lower prices, rather than accumulate unsold inventory, as it did during 2023 and 2024.
It held frequent sales cycles, targeting high-volume buyers in UAE, Belgium, and Hong Kong.
"The growth in volumes sold and revenue was supported by more efficient sales management, including the strategic decision not to build up stocks, in contrast to what happened in 2023 and 2024 at the Catoca and Luele mines," Sodiam said in an update yesterday (12 January).
It said figures reflect a significant expansion in the country's capacity to place its diamonds on the international market, driven by increased production at the huge Luele mine, which began commercial production in November 2023.
Pic shows the Luele mine.