Diamond Prices Plummet, Impacting Angola’s Economy

The Angolan government has announced a significant decline in diamond prices, resulting in a 50% reduction in revenue. According to the Angolan Secretary of State for Mineral Resources, Janio Correia Vitor, the current prices have a negative impact on diamond producers, the national economy, and local development projects. Despite this, Angola expects to produce over 10 million carats of diamonds by December, with the Luele mine coming online. The decline is attributed to global market factors, and the government is seeking to address the issue through the upcoming II Angola International Diamond Conference (AIDC 2024). The conference, scheduled for October 23-24 in Saurimo, Lunda Sul province, will focus on diamond exploration, mining, cutting, technology, and logistics in the industry.