LUANDA, May 23 (Xinhua) -- Angola has a diamond stock valued at over 15 million U.S. dollars, equivalent to approximately the first five months' production in 2025, the executive director of the state-owned diamond company ENDIAMA, Domingos Margarido, said Thursday.
Speaking to the press in Lunda Norte province, Margarido attributed the growing stockpile to the ongoing instability in the global diamond market, which has driven down prices and prompted mining companies to hold back a large portion of their production.
"The world market is still unstable, which has significantly affected companies in the sector. However, we are hopeful that things will improve in the near future," he said.
Margarido noted that mining operations are currently selling only a fraction of their output, mainly to cover operational costs and salaries, as a strategy to avoid layoffs and financial collapse.
Production forecasts for 2025 estimate a total output of 14.8 million carats, with expected revenues reaching 2.1 billion dollars. In comparison, Angola produced about 14 million carats in 2024, generating over 1.5 billion dollars. Enditem
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