Angola aims to become the world’s third-largest rough diamond producer by increasing annual production to 17.53 million carats by 2027 and growing diamond revenue from $1.4 billion in 2024 to $2.1 billion. Major mining companies are now involved, and new mines are set to surpass existing operations. The country’s development plan prioritizes investments in food security, employment, and poverty reduction.
Angola is strategically positioning itself to enhance its diamond production, targeting an increase to 17.53 million carats per year by 2027. This ambition will elevate Angola to the rank of the world’s third-largest rough diamond producer. The country anticipates a significant revenue boost, projecting a 50% increase from $1.4 billion in 2024 to approximately $2.1 billion in the following years.
Historically, Angola has been endowed with immense mineral resources, particularly diamonds, yet its development has been impeded by a prolonged civil war that lasted from 1975 to 2002. Recently, major companies like De Beers and Rio Tinto have begun exploring these untapped resources. Notably, the Luele mine commenced operations in November 2023, expected to produce 6 million carats annually, surpassing the previously largest mine, Catoca.
As part of its National Development Plan for 2023-2027, Angola is committed to reinvesting diamond mining revenues into key areas such as food security, job creation, and poverty alleviation. In 2023, Angola extracted 9.8 million carats, solidifying its status as the sixth-largest rough diamond producer globally, with forecasts suggesting production could rise to 14.6 million carats in 2024.
Angola’s efforts to boost diamond production reflect its goal of becoming a top player in the global diamond market. With planned investments in mining operations and a focus on economic recovery and social development, the country aims not only to increase revenue but also to address critical issues such as food security and poverty. The opening of new mines marks a pivotal step in this trajectory.
Original Source: www.idexonline.com
