What's Happening?
Angola's state-owned diamond company, Endiama, plans to increase its diamond production from 14 million carats in 2024 to 17 million carats by 2027. This goal follows a record production year that positioned Angola as the third-largest producer of rough
diamonds globally. The government is also seeking to acquire a 20%-30% stake in De Beers, which would be held by Endiama and Sodiam, the national diamond trading company.
Why It's Important?
Endiama's production increase is part of Angola's strategy to enhance its position in the global diamond market. By boosting output, Angola aims to capitalize on its natural resources and drive economic growth. The potential acquisition of a stake in De Beers could further strengthen Angola's influence in the diamond industry, providing opportunities for collaboration and market expansion.
What's Next?
Endiama's plans to increase production will require investment in mining infrastructure and technology. The company's ability to achieve its production targets will depend on successful implementation of these investments and market conditions. The potential stake in De Beers could lead to strategic partnerships and increased market access, benefiting Angola's diamond sector.
