Angola’s diamond export revenue declined by nearly 3% in 2024 compared to the previous year, according to data presented during a ceremony reviewing the diamond subsector’s performance and projections for 2025.
In 2024, the country exported approximately 10.2 million carats of diamonds, generating nearly $1.5 billion—down 2.95% from the $1.53 billion recorded in 2023, according to the Angolan National Diamond Trading Company (Sodiam).
Despite the drop in export revenue, Angola recovered just over 14 million carats in 2024, achieving 96% of the target set in the National Development Plan (2023-2027), which aimed for 14.6 million carats.
Secretary of State for Mineral Resources, Jânio Correia Vítor, attributed the decline in revenue to global market volatility and a slowdown in the world economy.
He noted that weaker demand for natural diamonds, coupled with increased production of synthetic diamonds, led to higher stockpiles and a reduction in prices.
Sodiam reported that the drop in the average price of diamonds resulted in a $45.2 million decrease in gross revenue compared to 2023.
Looking ahead, the National Diamond Company of Angola (Endiama) expects to produce 7.4 million carats in the first half of 2025—6.4 million carats from primary deposits and 907,000 carats from secondary deposits.
Endiama invested $217 million in 2024, a 43% reduction from its planned budget, achieving only 57% of its investment targets.
The United Arab Emirates (78%), Belgium (19.8%), and Hong Kong (1.8%) remained the top destinations for Angolan diamonds in 2024.
