International Marketing professor Stover Ezequias and economist Paulo Santos discussed the recent 21% drop in diamond production in Angola, emphasizing the need for a strategic plan to revive the sector.
Ezequias highlighted the significance of the diamond sector, constituting 96% of Angola’s mining production, and warned about potential trade deficits due to reduced export revenues.
Santos attributed the decline in production to low diamond prices and decreased demand during the COVID-19 pandemic, cautioning that recovery might require significant time and effort.
While acknowledging the negative impact on revenues and the overall economy, analysts remain optimistic, citing President João Lourenço’s recent visit to China as a potential boost for attracting new investors.
Despite the challenges, Angola remains optimistic about its diamond sector, with plans to exceed 10 million carats of rough diamonds in the near future.
The article concludes by recalling the resilience of the diamond industry in the face of past crises, emphasizing the enduring nature of diamonds and the potential for recovery and growth in Angola’s diamond sector.
