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
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.