Diamond-rich African nations have agreed to allocate part of their revenues to a global campaign aimed at promoting natural diamonds, as the industry faces increasing competition from synthetic alternatives, Angola’s government announced on Wednesday.
The announcement was made at a meeting in Luanda, where ministers from Botswana, Namibia, South Africa, and the Democratic Republic of Congo signed an agreement with major industry players.
Also present at the event was mining giant De Beers. Led by the Natural Diamond Council, a non-profit organisation that advocates for natural diamonds, the deal commits both governments and producers to contribute one percent of their annual rough diamond sales to support an international marketing initiative
The move comes as lab-grown diamonds, which are cheaper to produce and can be manufactured within weeks, are eating into the market share of natural stones.
“This agreement represents a united effort by governments, producers and stakeholders to safeguard the industry’s future,” said Angola’s minerals minister Diamantino Azevedo. Azevedo explained that the initiative seeks to educate younger consumers about the uniqueness, authenticity and social benefits of natural diamonds for the communities and countries that produce them.
Africa remains a dominant force in diamond production, responsible for roughly 65 percent of global rough diamond output. Botswana, where diamonds make up 30 percent of GDP and 80 percent of exports, ranks as the world’s second-largest producer after Russia.
In 2023, Angola was ranked the fourth-largest diamond producer worldwide, generating more than $1.5 billion in production value according to figures from the Kimberley Process, the international body that regulates the diamond trade.
The new marketing push reflects growing concerns within the natural diamond sector, which is increasingly pressured to differentiate itself from the rapidly expanding synthetic diamond market.