Angola reveals "huge" diamond reserves

Angola's current diamond reserves are around 150 million carats, estimated to be tradeable in 15 to 20 years. (Source: Reuters)

Speaking at a presentation of achievements and prospects for diamond production, marketing and export in the capital Luanda, Miguel Vemba, Executive Director of Mining and Shareholding Management of ENDIAMA EP, said 80% of reserves come from primary sources such as open-pit or underground mining, and 20% from alluvial mining projects.

According to Mr. Vemba, investments worth 193 million USD in the first and second quarters have contributed to promoting the diamond mining sector of the African country. In addition, he also shared more about the prospects of the Luaxe project to increase domestic diamond production, with an investment capital of about 463 million USD.

In July, Angolan diamond sales reached more than 295,000 carats, generating sales revenue of more than $73.5 million. According to data from the Angolan General Taxation Authority, cumulative diamond industry revenue for the first seven months of this year was nearly $848 million.

Angola is one of Africa's most resource-rich countries, with abundant oil, natural gas and diamonds.

This is also where many of the world's most unique and valuable diamonds were discovered, such as the Lulo Rose pink diamond weighing over 170 carats found at the Lulo mine in 2022. This is one of the largest pink diamonds ever found and is classified as an extremely rare type IIA diamond with perfect purity.