The Natural Diamond Council (NDC) may soon receive a significant cash injection, thanks to the Luanda Accord—an agreement between six diamond-producing nations, one cutting center, and two gem hubs to fund the promotion of natural diamonds. It was signed June 18 in Angola’s capital city.
Signatories to the agreement include Botswana, Angola, Sierra Leone, Namibia, South Africa, the Democratic Republic of Congo, Antwerp World Diamond Centre, the African Diamond Producers Association, Dubai Multi Commodities Centre, and India’s Gem & Jewellery Export Promotion Council.
All those parties have agreed to contribute 1% of the annual revenue they generate from rough diamonds to the NDC. Individual governments will determine, together with the local industry, how they will collect these funds.
Those mechanisms haven’t all been finalized yet, says the NDC’s CEO, David Kellie. As a result, the NDC is still figuring out its budget for 2026, when most of the contributions will start.
But the group already has received a boost for this year, when incoming revenues will hit $38 million. Its 2025 budget was originally $22 million, but at the Luanda meeting, Angola pledged to contribute $8 million, which was matched by another $8 million from De Beers.
Founded in 2015 as the Diamond Producers Association, the NDC originally received significant funding from De Beers and Russian diamond producer Alrosa, with its budget hitting $84 million in 2021.
Image : courtesy of the Natural Diamond Council
Source : jckonline