Angola’s diamond sector to be advanced by new De Beers deal with state-owned companies

London-based De Beers Group and Angolan state-owned companies have signed a memorandum of understanding (MoU) pledging to collaborate on opportunities to increase diamond production, to advance Angola’s alluvial mining sector and enhance social development for the benefit of the country’s citizens.

To support these objectives, the MoU was inked between De Beers and Angola’s National Mineral Resource Agency, Angola’s State-owned Endiama diamond company, and Angola’s State-owned Sodiam diamond trading company.

“Angola continues to set an example as a country that has reformed its prospects through enhanced transparency, adoption of internationally recognized best practices and a business-friendly investment environment,” De Beers CEO Al Cook said. “This is a strategic partnership with the objective of increasing diamond production in Angola to contribute towards the socio-economic development of our country,” said Endiama CEO Ganga Junior.

The deal sets out key areas where the parties agree to work together to consider shared initiatives. These include reviewing a number of kimberlite deposits to reassess their economic attractiveness through the application of new De Beers technologies, promoting the transparency and traceability of diamond production, and identifying opportunities to build local community capacity by leveraging De Beers Group’s Building Forever sustainability framework.

The MoU also extends the partnership of De Beers with Angola beyond the two mineral investment contracts signed in 2022, which were for license areas in north-eastern Angola where exploration activities are now under way.