Largest New Diamond Mine of the Decade Coming Online in Angola
The Luele mine is expected to eventually make the country the world’s third-largest diamond producer.

The Luele mine is located in northeastern Angola, adjacent to the country’s other large diamond mine, Catoca.
The government announced the opening of the mine Monday, per a report published Tuesday by Reuters.
According to the news outlet, the government’s presentation on the mine did not disclose its projected production for 2024.
However, diamond industry analyst Paul Zimnisky said, according to his estimates, Luele will produce 3.5 million to 4 million carats annually, with production gradually ramping up in 2024 and the mine reaching full commercial capacity in 2025.
He noted there is an option to expand the mine’s processing plant, which could double production.
The ramp-up of production at Luele will be enough to eventually make Angola the third-largest diamond producer in the world in terms of both volume and value, leapfrogging Canada, especially since the Renard mine in northern Quebec was just mothballed.
(Russia is the world’s No. 1 diamond producer in volume terms, followed by Botswana. Botswana is No. 1 in value terms, trailed by Russia.)
“It’s a huge deposit,” Zimnisky said in an interview with National Jeweler Tuesday.
“This is the only diamond mine of significance that’s going to come into production this decade. It’s a big deal from that standpoint."
Luele was formerly known as Luaxe.
In the past, numerous reports described the development of the deposit as a joint venture between Sociedade Mineira de Catoca—the joint venture that operates the neighboring Catoca mine—and Russian diamond miner Alrosa, which remains under U.S. sanction following Russia’s 2022 invasion of Ukraine.
In the January 2022 issue of Rapaport magazine, the publication’s then Senior Editor and News Analyst Avi Krawitz, who had traveled to Angola in late 2021, broke down the mine’s ownership like this: Catoca, 50.5 percent stake; Endiama, 13 percent stake; Alrosa, 13 percent stake; Cecadiam, 9 percent stake; Chela Group, 6 percent stake; Kamen, 4 percent stake, and Reform 4 percent stake.
However, Alrosa’s name was conspicuously absent from the presentation given about Luele as it formally launched Monday, according to an individual with knowledge of the presentation.
It listed Catoca as having a 50.5 percent stake, as previously reported, while state-owned mining company Endiama’s interest in the project has increased to 25 percent.
Reform’s interest remains at 4 percent while the Geological Institute of Angola now holds a 1 percent stake.
According to the presentation, a company called Falcan, which was not previously listed as one of the mine’s owners, holds the remaining 19.5 percent interest in Luele.
It is unclear who owns Falcan and the presentation did not note that Alrosa, while no longer listed among the owners of Luele, has a 41 percent stake in Catoca.
Neither Catoca nor Alrosa responded to an email request for comment sent overnight regarding the ownership of the Luele mine.
The Latest

Designer Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”

Expanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.

Located in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

The episode about the family-owned jeweler will premiere May 17.


The Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.

The turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.

Supplier Spotlight Sponsored by GIA

The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.

Set with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.

“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.

Located in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.

May babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.

The deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.

What’s really worrying U.S. consumers isn’t the present situation; it’s what the economy is going to look like six months from now.

Now called The Instore Jewelry Show, it will include holiday-focused education, interactive workshops, and a window display contest.

It includes pricing for unenhanced Colombian emeralds in the fine to extra fine range.

The “Sea of Wonder” collection features pieces inspired by the ocean, from its waves to flora and creatures like urchins and sea turtles.

The 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.

G.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.

Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.

The miner said its April sale featured a mix of commercial-quality primary rubies and secondary rubies of varying quality.

U.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.

Health monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.

Ten organizations were selected this year.

Kim Carpenter and Sam Gevisenheit have joined the brand.

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.