Angolan diamond market faces price decline up to 49%

The current situation in the Angolan diamond market is facing challenges, as described by José Ganga Júnior, the president of the state-owned diamond company Endiama.

He stated that diamond prices have dropped substantially, indicating a decline in market conditions.

The goals for this year are set at around 10 million carats, and while companies continue to work towards these targets, some have been without sales for about three months due to reduced demand.

Comparing the first half of 2022 with the same period in 2023, some companies have experienced price reductions of up to 49%, with the lowest levels around 12% to 30%.

The situation is significant for the businesses involved, but Júnior expressed optimism, believing that it would be possible to overcome the present challenges with resilience.

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