This content was first published on IGR – Italian Gemological Review no. 22 in 2026. The information provided here is therefore current as of the original publication date.
On 18 June 2025, in Luanda, the Luanda Accord was signed, bringing together Africa’s leading diamond-producing countries — Angola, Botswana, Namibia, South Africa, Sierra Leone and the Democratic Republic of Congo — alongside De Beers Group and key industry organisations including the Antwerp World Diamond Centre (AWDC), the African Diamond Producers Association (ADPA), India’s Gem and Jewellery Export Promotion Council (GJEPC) and the Dubai Multi Commodities Centre (DMCC).
At the core of the agreement is a shared financial commitment: signatory governments and De Beers have agreed to allocate 1% of annual revenues from rough diamond sales to an international fund administered by the Natural Diamond Council (NDC). Established after De Beers stepped back from its former de facto monopoly over both rough diamond trade and diamond communication, the NDC has become the industry’s primary vehicle for generic marketing of natural diamonds. Its activities include global campaigns, publications such as Diamond Industry Facts, and the consolidation of a shared vocabulary built around clearly defined concepts such as “real, rare and responsible”.
The stated aim of the Luanda Accord is to reinforce the positioning of the natural diamond as a distinct product category — defined by geological rarity, authenticity and socio-economic impact — at a time of intensifying competition from laboratory-grown diamonds. The agreement emerges against a backdrop of significant market disruption: between 2024 and 2025, rough diamond prices declined by an estimated 25–35%, consumer demand weakened, and lab-grown diamonds captured roughly 10% of global retail market share.
What is genuinely new, however, is the political and symbolic dimension of the initiative. For the first time, African producer countries are taking the lead, asserting an active role in shaping the narrative around diamonds — long dominated by Western multinationals and major trading centres such as Antwerp and Tel Aviv. In this sense, the Luanda Accord represents a strong statement of identity, aiming to reposition Africa from a largely invisible production backdrop to a central protagonist in the global diamond story.
Angola and Botswana are at the forefront of this shift. In Angola, diamonds generate approximately USD 1.8 billion annually, making them the country’s second-largest export after oil and supporting around 150,000 jobs in the Lunda regions. Since the Kimberley Process, Angola has pursued a series of reforms, including the launch of the Luanda Diamond Exchange in 2022 and new partnerships between Endiama and De Beers, with the objective of expanding kimberlite production.
Botswana, the world’s leading diamond producer by value with around 35% of global market share, derives roughly 40% of its fiscal revenues from diamonds. At the same time, it is navigating a delicate transition in its long-standing relationship with De Beers, seeking greater national control over the value chain. Speaking at the signing, Minister of Minerals and Energy Bogolo Joy Kenewendo described the moment as a shift from fragmented messaging to a unified narrative, with Africa positioned as the “true storyteller” of natural diamonds.
Challenges remain. While an initial tranche of approximately USD 120 million was reportedly raised in 2025, there is limited visibility on regular contributions from 2026 onwards or on the establishment of robust public audit mechanisms. Industry publication Rough & Polished — a specialist outlet known for its critical analysis and edited by Russian publisher Viktor Aramilev — has also voiced concerns about the NDC model, citing the absence of structured market research, measurable KPIs and clear assessments of marketing return on investment.
The Luanda Accord therefore remains an ambitious bet: a project potentially exceeding USD 500 million whose success will depend on its ability to translate political intent into effective execution — through transparent metrics, culturally attuned messaging and demonstrable impact within the medium term.
Gem news published on IGR – Italian Gemological Review #22 – Spring 2026.
