Rough diamond value falls 42% since 2022
By the AFREEQUE newsroom, based on The Calabash Newspaper
Sierra Leone's Mines Minister Julius Daniel Mattai says the global value of rough diamond production has fallen 42% since 2022. In Luanda, he also highlighted competition from lab-grown diamonds and Africa's limited influence on international prices, according to The Calabash Newspaper.
The value of global rough diamond production has fallen 42% since 2022, Sierra Leone's Minister of Mines and Mineral Resources, Julius Daniel Mattai, said during the 13th extraordinary meeting of the Council of Ministers of the African Diamond Producers Association (ADPA) in Luanda, Angola. Mattai chairs the ADPA Council of Ministers for 2025-2027, according to The Calabash Newspaper.
Sierra Leone's recorded production, meanwhile, fell by about 80% after the closure of a major mine. Julius Daniel Mattai also cited growing competition from lab-grown diamonds and Africa's limited influence over international price-setting, according to The Calabash Newspaper.
Meeting from 2 to 5 November for ADPA's 20th anniversary, the ministers admitted Botswana as an observer and adopted the ADPA@20 declaration as well as the Five Ngomas strategy, based on five pillars: a common voice, standard, market, intelligence and force. They also approved the 2027 annual performance plan, which includes five objectives and 20 projects, according to The Calabash Newspaper.
At the 4 November meeting, participants examined the African Sustainable Diamond Standard, aimed at strengthening traceability and confidence in international markets. Mattai announced that African producers would present a common position at the next plenary session of the Kimberley Process, according to The Calabash Newspaper.
