Angola cuts small rough diamond supply to steady prices

Angola moved to cut the flow of small rough diamonds from Catoca and Luele for the next three months, a deliberate attempt to stop oversupply from pressing prices lower. Elton Escrivão, Endiama’s commercial director, confirmed the restriction during industry meetings held alongside JCK Las Vegas, and the measure could be extended if market conditions do not improve.

The decision matters because the pain is showing up first in the smallest stones. The supply squeeze is aimed squarely at rough categories that feed the under-one-carat polished segment, where manufacturers and traders have been under the most pressure to clear inventory. By holding back size, Angola is signaling that volume alone is no longer the goal; protecting value has become the priority.

That is a notable shift for a producer that spent much of 2025 pushing output. Sodiam said Angola exported about 17.2 million carats that year and generated roughly $1.8 billion in rough-diamond sales. The numbers show why the government is reaching for restraint: export volume was up about 69% to 70% from 2024, but the average selling price per carat fell about 28.9% to 29%. More rough moved, but less money came back per carat.

Endiama had already set ambitious expectations for 2025, targeting 14.8 million carats and $2.1 billion in turnover, even as officials acknowledged weak prices and sluggish demand. The new cut suggests those pressures have not eased enough for the market to absorb more small goods without discounting them further. In practical terms, that hits manufacturers first, then traders, and finally the mass-market jewelry programs that rely on steady supply of small polished stones for melee, accents, and entry-level engagement rings.

The move also fits a wider effort to defend natural-diamond pricing. De Beers chief executive Al Cook was reported to support Angola’s supply-discipline strategy, a sign that producers are increasingly treating restraint as a market tool rather than a concession. For now, Angola is making a clear bet: fewer small rough stones in the pipeline may do more to steady prices than another season of record carat output ever could.