DiamondBuzz
WFDB Applauds Luanda Accord Backing Natural Diamond Promotion
The World Federation of Diamond Bourses (WFDB) has expressed strong support for the Luanda Accord, an agreement among major diamond-producing nations and trading hubs to bolster the global promotion of natural diamonds. Under the accord, all signatories will contribute 1% of their annual rough diamond revenue to the Natural Diamond Council’s marketing efforts.
Signed in Luanda, Angola, the accord brings together key industry players, including Botswana, Angola, Namibia, South Africa, Sierra Leone, the DRC, and organizations such as the Antwerp World Diamond Centre, Dubai Multi Commodities Centre (DMCC), India’s Gem & Jewellery Export Promotion Council (GJEPC), and the African Diamond Producers Association.
The agreement follows the WFDB Presidents’ Meeting in New York, where consensus was reached on the urgent need to unite in support of natural diamonds. Industry leaders such as Botswana President Duma Boko, Angolan Minister Diamantino Azevedo, De Beers CEO Al Cook, and DMCC Executive Chairman Ahmed Bin Sulayem were in attendance.
WFDB President Yoram Dvash commended the initiative and particularly praised signatories DMCC and GJEPC, stating, “I am very gratified to see the mobilization of the global diamond industry to promote natural diamonds. As I said at the Presidents’ Meeting, now is the time to lead with unity to protect the value and legacy of the natural diamond. United, we will remind the world why a natural diamond will always be forever.”
The WFDB also launched its own natural diamond video campaign, encouraging members to amplify the message through social media.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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