ANGOLA is targeting a 7% increase in diamond production this year, betting that higher volumes will offset a prolonged weakness in global prices, said Bloomberg News.
Africa’s largest diamond producer is aiming for output of 16.2 million carats in 2026 at an average price of $150 a carat, which would generate $2.43bn in revenue, the newswire said citing a presentation by national mining regulator Agência Nacional de Recursos Minerais.
The strategy reflects a widening gap between volume growth and revenue returns, said Bloomberg.
Angola’s output rose to about 15.2 million carats in 2025, above target, with exports exceeding 17 million carats, but revenue reached only $1.6nn at an average price of $101.94/carat. Volumes surged roughly 70% over the period while revenue grew just 6.7%. “We are offsetting the decline in prices at the international level with increased production,” State Secretary for Minerals Janio Correa Victor said.
The expansion is premised on an eventual price recovery despite persistent headwinds including oversupply, subdued consumer demand and growing competition from laboratory-grown diamonds.
Angola is counting on continued exploration and investment by international mining companies to sustain output growth, with kimberlite deposits at Catoca and Luele accounting for roughly 90% of national production.
State-owned producer Endiama EP is also weighing a bid for a stake in De Beers as Anglo American moves to sell its controlling interest in the diamond company, with final offers due on Thursday.
