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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 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.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
MajorsApr 20, 2026
Kendra Scott Names New CFO, Chief Business OfficerThe jewelry retailer plans to open 20 new stores this year and expand into new product categories.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
