Africa-Press – Angola. The drop in diamond prices on the global market has affected the diamond industry and forced producing countries to make stock in order to maintain tax rates, given the increased consumption of synthetic or artificial diamonds.
Angola, through the National Diamond Company (ENDIAMA E.P.), continues to seek solutions to face this crisis, safeguarding the survival of mining companies, jobs, and consequently, tax revenues.
It is with this purpose that 18 mining companies operating in the country will meet on Wednesday, in the municipality of Mussungue, in Lunda-Norte Province to assess the degree of achievement of production targets, analyze the current state of the industry, and outline strategies to counter the decline in diamond prices on the global market.
The event is promoted by the National Diamond Company of Angola (ENDIAMA EP) and will be held in the auditorium of the Lueki A’nkonde University Campus.
It also aims to assess the current status of prospecting projects and the restructuring plan of the Lunhinga and Yetwene mining companies.
Over three days, more than 100 technicians, including ENDIAMA staff, managers from mining companies, Angolan Diamond Trading Company (SODIAM), ENDIAMA Mining, and others, will also review the subsector’s contribution to the social and economic development of the Eastern region through social responsibility programs.
ENDIAMA also intends to reaffirm its commitment to local content, cultural preservation, and the value of local identity, embodied in craft exhibitions, traditional dances, and the creation of a dissemination platform using new technologies.
The company estimates that this year it will generate USD 2.27 billion in gross revenue, with the production of 15.13 million carats of diamonds, surpassing the USD 1.5 billion collected in 2024, when production reached 14.08 million carats.
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