African diamond-producing countries and global industry leaders pledged on Wednesday to dedicate one percent of their revenue to marketing natural diamonds.
The announcement came during talks in Luanda, Angola, where ministers from Botswana, Namibia, South Africa, and the Democratic Republic of Congo signed an agreement.
Leading mining companies, including De Beers, joined the ministers to back the new initiative, the Angolan mineral resources ministry said.
The natural diamond market faces rising competition from lab-grown gems, which are cheaper and produced within weeks.
Minerals Minister Diamantino Azevedo described the pact as a strategic investment aimed at securing the industry’s future.
Under the agreement, governments and producers will contribute one percent of annual rough diamond sales to fund a global marketing campaign.
The initiative will be led by the Natural Diamond Council, a nonprofit organisation promoting the value of natural diamonds.
The campaign intends to educate future consumers on the rarity, authenticity, and positive impact of natural diamonds on producing communities.
Africa supplies about 65 percent of the world’s rough diamonds, with Botswana as the second-largest producer after Russia.
In Botswana, diamonds represent 30 percent of GDP and 80 percent of exports, underpinning the country’s economy.
Angola ranked as the fourth-largest diamond producer in 2023, with production valued at over $1.5 billion, according to the Kimberley Process.
This collective effort reflects a united front to protect natural diamonds amid evolving market challenges and synthetic competition.
