The rise of the artificial diamond market is a concern for large producers of natural diamonds that face significant drops in the trade of the product, the executive director of the company Bumbar Mining, Sebastião Panzo said.
Speaking to official Angolan media, as part of the preparations for the 3rd edition of the Angola 2025 International Mining Conference, to be held on 22 and 23 October in Luanda, the manager believes that it is now necessary to communicate about the reality to the new consumer, “those who are attentive to issues related to sustainability and transparency.”
“Countries like Angola can exercise this diplomacy, as they have already adhered to the principle of transparency and are allied to the 20-30 vision of the United Nations. In this sense, our diamond companies are prepared to ensure that natural production mechanisms develop communities and transform lives,” he said.
The expression “develop communities and transform lives” is a reference contrary to what happens with the production of artificial diamonds, which, according to the director of Bumbar Mining, benefit exclusively the owners of these small manufacturing industries.
“The production of artificial diamonds does not transform lives. This is the great debate at an international level,” he said. According to the specialized website “idexonline.com”, artificial diamonds represent about 10-15% of the world market, although in the jewelry segment this bar can reach 50%.
Angola is the 4th largest producer of natural diamonds in the world, and the 2024 performance reached the highest bar in history, with 14 million carats, according to the ministry. According to the organization of the event, the participation of a thousand delegates from the Democratic Republic of Congo, Botswana, Namibia, South Africa, the United States of America, China, India, Belgium and Australia is expected.
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