Angola plans to increase its diamond revenue from $1.4 billion in 2024 to $2.1 billion in 2025, driven by expanding production and investment in the mining sector.
The country also aims to produce 17.53 million carats by 2027 as part of its National Development Plan 2023–2027, leveraging mining revenues for food security, job creation, and poverty reduction.
This was reported in a statement by state diamond firm ENDIAMA, which noted that Angola has over 24 operational diamond mines and 54 exploration projects, positioning the sector as a key contributor to the economy.
Angola’s diamond reserves are estimated at 732 million carats, valued at more than $140 billion.
To tap into these resources, ENDIAMA announced plans to launch a diamond production and processing pilot at the Luachimba facility in 2025, while also advancing feasibility studies at the Xamacanda site.
Foreign investment has also strengthened the sector.
In November 2024, Maden International Group, a subsidiary of the Sovereign Fund of the Sultanate of Oman, acquired stakes in Catoca and Luele Mines from Russia’s Alrosa.
The deal is expected to bring new capital and expertise to Angola’s mining industry.
Additionally, De Beers reported in October 2024 that it had identified eight new diamond project targets as part of its ongoing exploration efforts.
The company is working in partnership with ENDIAMA, Angola’s National Agency of Mineral Resources, and Sodiam to conduct drilling and airborne surveys.
Recent diamond discoveries further highlight Angola’s potential.
In August 2024, Lucapa Diamond Company found a 176 carat diamond at the Lulo Mine, marking the fifth discovery of a diamond over 100 carats at the site last year.
The Lulo Mine has been a major source of high grade diamonds, with 20 significant finds recorded in 2022.
