DiamondBuzz
Angola calls for African unity to revive natural diamond market
Angola’s Minister of Mineral Resources, Diamantino Azevedo, urged African diamond-producing nations to coordinate strategies and launch unified global campaigns to restore natural diamond prices and market position.
Speaking at a ministerial roundtable in Luanda, Azevedo emphasized that consumers should understand that buying natural diamonds supports “real human transformation” across Africa, funding schools, hospitals, and infrastructure development.
Key Points:
- Africa produces over 65% of global rough diamonds, led by Angola, Botswana, South Africa, Namibia, DRC, and Sierra Leone
- Angola produced 14+ million carats in 2024 (96% of target) and inaugurated the massive Luele mine
- The country is expanding the Saurimo Diamond Development Pole with 19 new factories and establishing the Angola Diamond Exchange
- Angola is preparing to formally join the Natural Diamond Council
The one-day summit brought together mineral resource ministers from major African diamond producers to address industry challenges and promote the positive impact of natural diamonds on producing communities.
Azevedo stressed that true wealth lies not in carats extracted but in the value we retain, the future we build, and the dignity we preserve.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
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