African diamond-producing nations and leading mining companies have pledged to allocate 1% of their rough diamond revenue toward promoting natural diamonds, in a coordinated push to counter the growing appeal of lab-grown gems.
Ministers from Botswana, Namibia, South Africa, and the Democratic Republic of Congo signed the agreement in Luanda, alongside industry giants including De Beers. The initiative comes amid mounting pressure on the natural diamond market from synthetic alternatives that are cheaper and faster to produce.
Angolan Minerals Minister Diamantino Azevedo said the funds—equivalent to 1% of annual rough diamond sales—will support a global marketing campaign led by the Natural Diamond Council, a nonprofit organization. He described the pact as a “strategic investment” to raise awareness about the rarity, authenticity, and socioeconomic value of natural diamonds.
Africa supplies around 65% of the world’s rough diamonds. Botswana, one of the continent’s top producers, derives about 30% of its GDP from diamonds. Angola ranked as the world’s fourth-largest diamond producer in 2023, with output valued at over $1.5 billion.