Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, has called on Thursday February 27 for collective efforts to address the decline in global diamond prices.
Speaking at the inauguration of the officiel headquarters of the Association of African Diamond Producing Countries (ADPA) in the Angolan capital, he emphasized the need for producing countries to adopt coordinated strategies to stabilize the market and protect revenues. The minister highlighted that falling prices could impact national economies, particularly those heavily reliant on diamond exports, such as Angola.
Azevedo stressed the importance of collaboration among diamond-producing nations to implement policies that mitigate the adverse effects of price fluctuations. He proposed measures such as production adjustments and market regulation to maintain a sustainable industry. The minister also underscored Angola’s commitment to strengthening its diamond sector by enhancing transparency, improving mining policies, and attracting more investment to increase local beneficiation.
Angola, one of Africa’s top diamond producers, has been working to diversify its economy and reduce its dependence on raw mineral exports. The government has been implementing reforms to ensure greater value addition in the sector, including the establishment of cutting and polishing industries. Azevedo reaffirmed the country’s dedication to engaging with international partners to find lasting solutions to price volatility, ensuring that the diamond industry remains a key contributor to Angola’s economic growth.