Angola’s Diamond Boom: 17.5M Carats by 2027
Angola is positioning itself as one of the world’s future diamond powerhouses, setting ambitious goals under its National Development Plan 2023–2027. The country aims to increase annual production to 17.53 million carats by 2027, a move designed not only to strengthen its role in the global diamond market but also to drive national development. Revenues from diamond mining are expected to grow sharply, from 1.4 billion dollars in 2024 to 2.1 billion dollars in 2025, funding government initiatives to improve food security, create jobs and reduce poverty. With 24 active mines, 54 exploration projects and 732 million carats in untapped reserves valued at more than 140 billion dollars, Angola’s potential is vast and largely underdeveloped.
Expanding Production and Global Interest
The state diamond company, Endiama, is leading this transformation with plans to launch new production and processing projects in 2025. Global interest is already accelerating. In late 2024, Maden International Group, a subsidiary of the Sovereign Fund of Oman, acquired stakes in the Catoca and Luele mines, bringing capital and international expertise into Angola’s diamond sector. De Beers has also announced the discovery of eight new diamond targets in Angola, a strong sign of the country’s geological promise. Alongside these developments, high-grade finds continue to emerge, including a spectacular 176-carat stone unearthed by Lucapa Diamond Company at the Lulo mine in August 2024, one of the largest ever discovered in the region.
A Defining Moment for Angola
Momentum will continue to build as Angola prepares to showcase its diamond industry at the African Mining Week (AMW). The event will provide a platform for global investors, industry leaders and government representatives to explore opportunities and form strategic partnerships. As Angola pushes forward with ambitious production targets and attracts new international players, its diamond sector is entering a defining moment. With natural reserves, political will and growing foreign investment, Angola is poised to secure its place as one of the most important destinations for diamond exploration and investment in the coming decade.
Image credits: Tommy Trenchard
