LUANDA, June 20 — Five African countries have signed the “Luanda Agreement” to defend and promote natural diamonds, pledging to contribute 1 percent of their annual sales revenue to fund a global marketing initiative for the sector.
Angola’s Minister of Mineral Resources, Oil, and Gas Diamantino Azevedo made the announcement on Wednesday at a ministerial roundtable in Luanda, the Angolan capital.
Officials from Angola, South Africa, Botswana, Namibia, and the Democratic Republic of the Congo signed the agreement. These are the African diamond-producing countries that participated in the meeting.
“The formal signing of the Luanda Agreement is a historic milestone that represents a decisive joint step in defending and promoting natural diamonds. This agreement reflects our shared interests and responsibilities,” said Azevedo.
The Angolan minister explained that the governments of the signatory countries and other industry stakeholders commit to contributing the equivalent of 1 percent of annual revenues from rough diamond sales to finance a global marketing initiative under the leadership of the Natural Diamond Council.
Earlier, Domingos Margarido, executive director of the state-owned diamond company ENDIAMA, said in May that Angola’s diamond production in 2025 is forecast to reach 14.8 million carats, with expected revenues reaching 2.1 billion U.S. dollars.
