International News
Angola aims to increase annual production to 17.53m carats by 2027; become the world’s third largest rough producer.
Angola aims to increase annual diamond production to 17.53m carats by 2027, and to become the world’s third largest rough producer.It is forecasting a 50 per cent increase in diamond revenue this year from $1.4bn in 2024 to $2.1bn.
Angola has vast mineral wealth – including huge, unexplored diamond reserves – but the devastating civil war (1975 to 2002) has hampered its economic development.However, De Beers and Rio Tinto are now prospecting, and in November 2023 the new Luele (formerly known as Luaxe) mine opened. It will eclipse Catoca as the country’s biggest mine, and is expected to produce 6m carats annually.
As part of its National Development Plan 2023-2027, Angola plans to channel diamond mining revenues into food security, employment generation, and poverty reduction.It recovered 9.8m carats in 2023, maintaining its position as the world’s sixth biggest rough producer and was expected to produce up to 14.6 million carats in 2024.
Valentine’s Day remains a vital cornerstone for the natural diamond industry, accounting for approximately 7% of annual demand in the U.S.. According to the Natural Diamond Trends: 2025 Overview Report, produced in partnership with Tenoris, the holiday serves as the final act in a high-stakes retail trilogy for specialty jewelers.
The data, which tracked over four million transactions across 2,500 retailers, identifies Valentine’s Day alongside the year-end holiday season (30%) and Mother’s Day (9%) as the three “sales anchors” that define the fiscal year. Collectively, these three periods represent 46% of all yearly diamond purchases.
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