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Angola Increases Supply Amid Price-Sensitive Times

According to known sources, sales of rough diamonds from Angola surged by approximately 70% to roughly 17 million carats. However, due to slumping prices, the gross value increased by only 6.7%. The vast majority of these exports went to the UAE (78.6%) and Belgium (19.9%).

Export volume exceeded production—which rose 8% to 15.19 million carats—as Angola drew from stockpiles at the Luele and Catoca mines instead of waiting for a price recovery. While the government aims to increase annual production to 17.5 million carats by 2027, the current policy of selling high volumes at low prices has pushed the average price per carat down by nearly 30%. This strategy undercuts other conservative producers that are reducing output to support market prices.