Angola Diamond Revenue Reaches $1.8B in 2025 Despite 29% Price Decline
Angola generated $1.8B in diamond sales in 2025, driven by 23.2% production growth, even as average per-carat realized prices fell 29% year-over-year.
Read original on RapaportExecutive Summary
Angola's diamond sector reported total rough sales revenue of approximately $1.8 billion in 2025, a 21% increase in dollar terms from 2024. The growth was driven by a 23.2% rise in production volume — reaching 15.19 million carats — led in part by the newer Luele mine, which is ramping up alongside Catoca. The headline revenue figure obscures a significant pricing deterioration: Sodiam, Angola's state diamond marketing company, reported a 29% decline in average realized price per carat, reflecting global rough market softness. Angola's volume growth effectively offset the price decline — a fragile equilibrium that depends on continued production ramp-up.
Industry Impact
Angola's emergence as a high-volume rough supplier — through the combination of Luele and Catoca — shifts the African supply landscape meaningfully. With Botswana (De Beers/Debswana), Zimbabwe (Murowa), and now Angola all increasing output into a soft price environment, the structural case for rough price recovery rests almost entirely on demand-side improvement rather than supply discipline. For rough buyers and manufacturers, Angola's tender program (through Sodiam and Endiama) is increasingly a viable alternative or complement to De Beers and Alrosa sourcing, particularly for commercial to near-gem quality goods.
Next Steps
- Evaluate Angola tender participation as a secondary sourcing channel, particularly for 1–4 ct commercial white rough. Monitor Luele production ramp trajectory for supply volume signals in H2
- Incorporate Angola's 29% per-carat price decline into rough price models as a validation data point for ongoing market softness.