Luanda, Angola – Angola’s National Diamond Company, Endiama, has announced a staggering diamond reserve estimated at 732 million carats. This treasure trove, valued at approximately $140 billion at current market rates, could significantly boost the country’s economy.
Miguel Vemba, Endiama’s director of Mining Operations, revealed that the majority of these reserves are located in primary deposits, which typically yield higher-quality diamonds. Speaking at the UNESCO’s 10th African Engineering Week, Vemba emphasized the importance of adopting advanced technologies, such as artificial intelligence, to optimize the extraction process and reduce the time required for studies.
Endiama is also taking a significant step towards self-sufficiency by planning to initiate its own diamond production next year.
The company is currently focusing on two promising projects: Luachimba, which is expected to commence pilot production in 2025, and Xamacanda, which is still in the study phase.
Angola, already a major player in the global diamond market as the world’s fourth-largest producer, has seen a surge in diamond output. In 2023, the country produced 9.8 million carats, and the trend has continued into this year, with production reaching 5.6 million carats in the first half, representing a substantial 36% increase compared to the same period in 2023.
The discovery of these vast diamond reserves and Endiama’s ambitious plans to expand its operations could solidify Angola’s position as a leading diamond producer and contribute significantly to the country’s economic development.