The global diamond sector is pinning fresh hopes on the Luanda Accord, a pact signed in Angola in June 2025 that commits producers and industry players to fund an international campaign to restore the sparkle of natural diamonds.
But can this effort, built around a pledge to pool 1% of annual rough sales, really save an industry battered by falling demand and synthetic competition?
Signatories—including producer countries such as Angola, Namibia, Botswana, South Africa and the DRC, along with major industry bodies like De Beers, the Natural Diamond Council, India’s Gem & Jewellery Export Promotion Council, Antwerp World Diamond Centre and Dubai Multi Commodities Centre—have agreed to channel a portion of their revenues into global marketing.
The Natural Diamond Council (NDC) will oversee the fund, tasked with reviving consumer interest in natural diamonds through storytelling, branding, and coordinated promotion.
The numbers are not small. Global rough diamond sales in 2023/24 were estimated at US$14–16 billion. A 1% levy could raise US$140–160 million annually—potentially more if prices recover.
Botswana alone sells approximately US$4–5 billion of rough diamonds a year, resulting in a contribution of US$40–50 million.
Angola’s sales hover around US$2 billion, while Namibia brings in roughly US$1.5 billion. South Africa’s sales are just above US$1 billion, with the DRC contributing several hundred million.
Add industry players such as De Beers, which markets both its own and joint-venture production, and the pooled fund begins to resemble one of the most significant single, coordinated marketing budgets the sector has seen in decades.
Even US$150 million a year pales in comparison to the marketing spend of synthetic diamond companies, global luxury brands, or even the iconic “A Diamond Is Forever” campaigns of the 20th century that entrenched natural diamonds in consumer culture.
The challenge is not only one of funding, but also of timing: the industry faces a generation of younger buyers who are more focused on sustainability and affordability, many of whom view lab-grown stones as acceptable substitutes.
For Namibia, the stakes are high. Diamonds remain one of the country’s most significant sources of export revenue, with Namdeb and Debmarine Namibia jointly producing more than 2 million carats annually.
A global campaign that successfully lifts demand could support local revenues, jobs and the sustainability of marine mining operations.
The Accord is also meant to restore confidence across the supply chain. By uniting African producers and downstream partners in Antwerp, Dubai, and India, the initiative aims to convey a message of solidarity against fragmentation and market erosion.
Whether the Luanda Accord can truly save the industry remains to be seen.
On paper, a US$140–160 million annual war chest is a powerful start.
In practice, it will depend on how effectively the Natural Diamond Council allocates the funds and whether the messaging can compete in a crowded luxury market.
For now, the Accord signals that producers and traders alike recognise the urgency of action—and are finally prepared to invest in telling the natural diamond story together.
