Diamond sales in Angola have recently dropped to less than 55% of the expected average price, according to Laureano Paulo, the Executive Administrator for Mining Operations at the National Diamond Company of Angola (ENDIAMA).
Speaking at a semi-annual review workshop in Dundo, Lunda-Norte province, Paulo highlighted the challenges facing the diamond sub-sector, noting that current market conditions are far from satisfactory.
“Sales today are falling between 30% and 55% below the planned price. For example, if a project is designed to sell diamonds at $500 per carat but can only achieve $250 due to market pressures, it creates significant difficulties,” Paulo explained.
He warned that if these sales levels persist, the diamond industry in Angola could face severe challenges. The workshop, which includes 19 diamond-producing companies, also addressed various issues such as geology, ore exploration and treatment, production and recovery, economic performance, human resources, and social sustainability.
Despite these challenges, ENDIAMA and its partners are working to reduce operating costs and improve economic outcomes.
The Luele mine in Lunda-Sul province, although still in its early stages, is projected to become one of the leading mines on the African continent in the coming decades.
Lunda-Norte’s provincial governor, Filomena Miza Aires, emphasized the importance of creating effective employment policies for young people, despite the difficulties in the diamond sector.
She also stressed the significance of the diamond industry in Angola’s economy and urged producers to continue their efforts to generate profits for their partners.
