Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, emphasized the need for heightened attention to the challenges currently facing the global and African diamond industry.
Speaking at the inauguration of the new headquarters of the African Diamond Producers Association (ADPA) in Luanda, Azevedo pointed to falling natural diamond prices, competition from synthetic diamonds, and increased pressure for diamond traceability as key issues affecting the sector.
“We must adapt to this new landscape and find ways to ensure natural diamonds remain competitive in the international market,” he stated.
The minister highlighted that the Angolan government has implemented legislative measures to strengthen both production and commercialization. The country aims to achieve an annual diamond output exceeding 14 million carats.
“We restructured the governance model of the mining sector, including the diamond industry. To boost production, we introduced a law on semi-industrial diamond mining, allowing small and medium-sized Angolan investors to participate in the sector, as this type of mining requires lower technological investment,” Azevedo explained.
To attract major investors, Angola has successfully secured the return of De Beers and the entry of Rio Tinto, the world’s third-largest mining company and former operator of the world’s largest diamond mine.
Additionally, the country has welcomed several small and medium-sized companies to enhance production and explore new deposits.
On the commercial front, the government has introduced new legislation to dismantle a former monopoly on diamond trading that disadvantaged both producers and the state.
“Today, we have a system that is more beneficial to both producers and the government, but we continue to refine our commercialization framework,” Azevedo noted.
The minister also outlined Angola’s new governance model, which has redefined the roles of key industry players.
Endiama, previously a concessionaire, regulator, and producer, now functions solely as an operator. The National Mineral Resources Agency has taken over as the concessionaire and regulator, while the ministry oversees political, strategic, and sectoral coordination.
Regarding the Angola Diamond Exchange, Azevedo acknowledged that the initiative is under review due to shifting market conditions.
“When we initially planned the exchange, the context was very different—synthetic diamonds were not as prominent, sanctions were not as widespread, and diamond prices were stronger. We must remain flexible and adapt accordingly,” he concluded.
