The Angolan National Diamond Company (Endiama) aims to produce 14.8 million carats of diamonds and generate $2.1 billion in revenue by 2025, according to its chairman, José Ganga Junior.
Speaking during the company’s 44th anniversary, Ganga Junior acknowledged ongoing challenges in the diamond market, including significant price reductions and sluggish demand.
Diamond prices have dropped by more than 60% in some cases, with the average price per carat estimated at $146 for this year.
Currently, Endiama holds a stockpile of over three million carats, as the global market struggles to absorb supply.
In collaboration with major producers like De Beers and Alrosa, Endiama has decided to scale back production to stimulate demand.
“We must balance the need for revenue with sustainable production,” Ganga Junior stated, adding, “Producing without yielding revenue is a dilemma we must address with the government.”
Angola produced eight million carats in 2023, generating $2.9 billion in revenue. However, despite a record production of 14 million carats in 2024, revenues dropped to $1.4 billion due to declining prices.
“If 2024’s production had been sold at the previous year’s prices, we would have earned nearly $3 billion. This highlights the urgency of addressing market challenges,” Ganga Junior explained.
For 2025, Endiama is prioritizing enhanced organization and the implementation of production tracking certificates.
These measures will ensure compliance with environmental sustainability, ethical labor practices, and transparency in the origin of diamonds.
“Buyers are increasingly concerned about the ethical and environmental impact of diamond production. This is a critical area we must address,” he emphasized.
Ganga Junior highlighted the growing popularity of synthetic diamonds, which are cheaper and quicker to produce. “New consumers are less concerned about whether diamonds are natural or lab-grown.
We must focus on educating people about the societal benefits of natural diamonds, such as creating wealth and transforming communities,” he said.
To counter challenges, diamond producers have formed the Association of Natural Diamond Producers. Endiama has also joined the Natural Diamond Defense Committee, aiming to promote the value and sustainability of natural diamonds.
Through these initiatives, Endiama seeks to adapt to market dynamics, strengthen its competitive position, and achieve its ambitious 2025 targets.
