In a landmark move to boost the appeal of natural diamonds across the globe, top natural diamond mining, manufacturing and marketing players signed the Luanda Accord on Wednesday, in Luanda, the capital of Angola. Stakeholders jointly agreed to contribute the equivalent of 1% of annual revenues from rough diamond sales to a collective marketing initiative. Under pressure due to conflicts between countries, slowing economies and shifting consumer preferences towards lab-grown diamonds, the natural diamond trade is taking various measures to stabilize the market. After a significant drop in the global diamond business, industry leaders are joining hands to secure the industry’s interests.

The Luanda Accord signatories include:

H.E. Diamantino Azevedo

The Government of the Republic of Angola

Honourable Bogolo Joy Kenewendo

The Government of the Republic of Botswana

Honourable Kizito Pakabomba Kapinga Mulune

Government of the Democratic Republic of Congo

Honourable Gaudentia Krohne

Government of the Republic of Namibia

Shaunak Parikh, Vice Chairman

Gem & Jewellery Export Promotion Council

Al Cook, Chief Executive Officer

De Beers Group

Honourable Gwede Mantashe

Government of the Republic of South Africa

Isidore Mörsel, President

Antwerp World Diamond Centre

Maryam Al Hashemi

Dubai Multi Commodities Centre

This is a significant development for Surat and India. Eight lakh people are employed in the diamond manufacturing industry in the city, while seven lakh more work in the gems and jewellery sector in other cities of the country. The agreement was signed by the governments of Angola, Botswana, the Democratic Republic of Congo, Namibia, South Africa, officials of India’s Gem and Jewellery Export Promotion Council, Antwerp World Diamond Centre (AWDC), Dubai Multi Commodities Centre and De Beers Group.

The 1% contribution will be channelled through the Natural Diamond Council (NDC), which will take the lead in designing and executing a global generic marketing strategy aimed at enhancing consumer awareness and demand for natural diamonds. “Implementation details, including the mechanisms for making these contributions, will be finalized after legal review. Each participating govt will work in coordination with industry representatives to establish suitable arrangements for contributions in their respective jurisdictions,” said an official present at the meeting. The agreement included that, to ensure transparency and alignment with contributor interests, the governance structure of the NDC will undergo a review. Annual assessments of both financial contributions and the impact of marketing campaigns will be conducted by NDC members. “The Luanda Accord marks a fundamental shift in the way our industry comes together to protect and promote the future of natural diamonds. As the world’s largest diamond manufacturing centre, India is proud to stand shoulder to shoulder with African producer nations and global partners,” said Shaunak Parikh, vice-chairman, GJEPC. “A unified global marketing push is no longer optional — it’s essential. GJEPC remains deeply committed to this shared vision and is ready to contribute actively to the next chapter of sustainable growth for our industry,” Parikh added.” The signing of the Luanda Accord marks a historic moment of unity in our industry. After a year of collaboration with African diamond-producing nations and global partners like the GJEPC and DMCC, we’ve committed to collectively fund and promote natural diamonds. This is a powerful step toward a stronger, more sustainable future for our industry — and I’m proud of the leadership role the AWDC played in making it happen,” said Ravi Bhansali, vice-president, AWDC.