Angola Aims for Diamond Production Record Amid Global Challenges

Angola's diamond production reached 10.7 million carats by September, aiming for a potential annual record of 14.8 million carats. Despite increased output, export values fell due to global economic challenges and competition from synthetic diamonds. Angola's diamond ventures now involve Oman's firm after Alrosa faced sanctions.

Angola, poised to set another diamond production record this year, saw its output reach 10.7 million carats by September. Government sources aim for a record 14.8 million carats annually. Notably, increased production was reported by the Catoca and Luele Mining Companies, boosting Angola's mining profile on the global stage.

After replacing Russian firm Alrosa with Omani investment following geopolitical tensions, Angola's diamond industry faces headwinds. Despite doubling export volumes, the value of rough diamond exports dropped by 14%, a reflection of price pressures due to synthetic diamond competition and broader economic issues.

Angola's potential bid for a majority stake in De Beers highlights its ambition to expand its influence in the global diamond market. The nation, having increased diamond output post-civil war, seeks to bolster its standing, undeterred by past reputations as a conflict diamond source.

(With inputs from agencies.)