Endiama, Angola’s national diamond company, projects a production of 14.8 million carats of diamonds and revenue of $2.1 billion (€1.8 billion) for 2025, according to the chairman of the board of directors, José Ganga Júnior.
Speaking during the company’s 44th anniversary celebrations, Ganga Júnior estimated a price of $146 per carat for diamonds this year, despite ongoing market challenges.
According to the chairman of the National Diamond Company of Angola (Endiama), the significant price reductions have persisted for several years, with declines exceeding 60% in some cases.
“The reality is that (…) we have a stockpile of over three million carats of diamonds, and the market is currently not absorbing them,” he stated.
In coordination with major producers, such as multinational companies De Beers and Alrosa, the national diamond company has agreed on the need to “reduce production.”
“In truth, that is what’s happening, aiming to create more demand, more interest, for the consumer. We need to figure out how to resolve this. On the other hand, the country needs money, but producing without yielding returns—what’s better? Leaving the diamonds in the ground until some recovery happens and then catching up?” he questioned.
In 2023, Angola produced about 8 million carats and earned $2.9 billion, while in 2024, it achieved record production of 14 million carats but generated only $1.4 billion in revenue.
“We’ve done some calculations: if we had maintained the prices from the previous year, we would have nearly reached $3 billion with the production we had in 2024. So, this is a problem we have to address, together with the Government, to determine the path forward,” he explained.
For 2025, one of the challenges, according to the chairman of the state-owned diamond company, is improving organization to anticipate future challenges, particularly implementing traceability certificates for production across all mining companies where Endiama is a partner, as well as its subsidiaries.
“Today, diamond buyers are increasingly raising concerns about the origins of diamonds—whether they adhere to environmental sustainability standards, avoid child labor, and are properly regulated. This is a task we need to tackle,” he emphasized.
José Ganga Júnior also highlighted synthetic diamonds as a challenge, pointing out that “younger consumers of diamonds no longer care whether the diamond is natural, mined, or created in a laboratory, where a machine can produce a diamond in five minutes and at a low cost.”
“They simply want a diamond and nothing more. We need to work to show people that natural diamonds are changing lives, creating wealth, and transforming society,” he added.
The chairman revealed that producers have decided to establish a Natural Diamond Producers Association, with an interim committee already formed to include major projects and eventually extend to other producers “to find mechanisms for survival.”
A similar effort is being undertaken internationally through Endiama’s participation in the Natural Diamond Defense Committee, he noted.
Lusa, 15/01/2025
