The amount collected refers to the gross revenues of the entire sector, not to what the State obtained in tax contributions from the production, commercialization, and export of diamonds. The tax burden in the sector is considered low, especially when compared to the oil industry. The growth in national diamond production—a trend observed since 2020 (a year affected by Covid-19)—continued in 2025, with output increasing by 9.4% to 15.2 million carats.
Gross revenue also showed a sharp rise of 20.8%, reaching USD 1.8 billion compared to USD 1.5 billion in 2024. The positive performance of the diamond sector is linked to operations at the Luele mine.
Luele and Catoca are currently the country’s two largest projects and account for the majority of diamond production, even amid a pronounced international crisis, with synthetic diamonds gaining market share from natural stones. Nevertheless, 2025 saw an increase in the average price of Angolan diamonds, which rose by about USD 10—from USD 107.9 per carat to USD 117.8—according to Expansão’s calculations.
Regarding exports, last year Angola marketed 17.2 million carats, representing a 68.6% increase compared to 2024, “despite the market adversities observed, marked by constant structural changes and shifts in end-consumer preferences,” Sodiam explained in early January.
Beyond changes in consumption patterns (driven by environmental concerns in the case of synthetic diamonds), the current U.S. administration’s challenge to the international trade system also had direct effects on the diamond sector.
In August last year, for example, the United States imposed 50% tariffs on exports from India, the country responsible for 90% of the world’s diamond cutting and polishing. The measure prompted Botswana—the world’s second-largest diamond producer after Russia—to respond and warn of the negative impact on the recovery of its diamond output, a situation that resulted in a second year of economic recession.
The tariff was later adjusted to 18%, but trade instability continues to have direct effects on economic activity. In Angola’s case, the increase in volumes sold and revenue generated “resulted from more efficient sales management,” following the strategic decision not to build up stock, unlike in 2024, particularly at the Catoca mine. That year, with prices per carat even lower than in 2025, Catoca held 4.6 million carats in inventory after recording just 380,000 carats in stock in 2023, according to Endiama’s latest management report for 2024.
Although without operational impact, 2025 was also marked by profound changes in the shareholder structure of Sociedade Mineira de Catoca, with the exit of a traditional strategic partner in Angola’s diamond sector—Russia’s Alrosa—and the entry of Taadeen Investment, a subsidiary of the Oman Sovereign Wealth Fund, which now holds 41% of Catoca’s capital. The remaining 59% is owned by Endiama.
At Sociedade Mineira do Luele, the world’s second-largest open-pit mine, covering 105 hectares near the village of Cafula in Lunda Sul province, Taadeen holds a 49% stake, while Endiama owns 44%. The remaining shares are distributed among Reform (4%), Caixa de Catoca – Associação Mutualista (2%), and the Geological Institute of Angola (IGEO) with 1%.
Source: Expansão
