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 realized prices per carat 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 deterioration in pricing: Sodiam, Angola’s state diamond marketing company, reported a 29% decline in the 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, meaningfully shifts the African supply landscape. 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 participation in Angola tenders as a secondary sourcing channel, particularly for 1–4 ct commercial white rough. Monitor the 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.