SourcingNov 21, 2023
De Beers’ Rough Diamond Sales Sink to $80M SourcingNov 29, 2023
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.
Angola’s diamond development hub in the city of Saurimo, as photographed in November 2021. The country announced the opening of a new, large diamond mine Monday—Luele, formerly known as Luaxe. (Photo credit/courtesy of Paul Zimnisky)
Luanda, Angola—Officials in Angola touted the opening of a large new diamond mine Monday, a project that marks a milestone for natural diamond production that will be unmatched in this decade.
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."
Related stories will be right here …
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.
More on Sourcing
The Latest
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
Events & AwardsJul 13, 2026
AGTA Accepting Entries for Spectrum 2026AGTA also has announced the lineup of judges for the colored gemstone cutting and jewelry design contest’s various categories.
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
