Morning Bites

💎Angola has reiterated its plan to increase annual diamond output to 17.5mnct by 2027, after the record high 14.0mnct it produced in 2025, IDEX reports, citing a representative of Endiama, the state-owned miner. The growth mainly reflects the ramp-up of the Luele mine, which, together with Catoca, account for more than 90% of Angola’s rough diamond supply

Thus Angola maintained its previously announced production guidance, despite the ongoing crisis on the global diamond market. Angola’s diamond revenue was up 21% YoY in 2025, but its average realised price dropped 29% YoY as the country opted to sell stockpiles rather than wait for a market recovery

We maintain our cautious view on the global diamond market, as supply discipline is unlikely to improve while Anglo American proceeds with the planned spinoff or sale of De Beers (~30% of global rough diamond supply). Angola's actions might further delay the recovery in rough prices, we believe

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