An employee looks at a rough diamond at "Flanders Manufacturing", as the G7 weighs a ban on Russian diamond imports to reduce revenues for Moscow's war in Ukraine, Antwerp, Belgium, October 30, 2023.
Angola's state-controlled diamond miner Catoca found the Luele diamond deposit at the project, previously known as Luaxe, in 2013 in one of the largest discoveries in the diamond industry in more than half a century.
De Beers, the world's largest rough diamond producer by volume, estimates 2022 global rough diamond production at 121 million carats.
Demand for rough diamonds has been weak in recent months with India - cutter and polisher of 90% of the world's rough diamond - asking the global miners to stop selling it the gemstones to manage accumulated stocks.
Catoca, in which Russia's sanctions-hit Alrosa (ALRS.MM) owns 41%, currently holds a 50.5% stake in the Luele project.
Persons:
Johanna Geron, Catoca, Paul Zimnisky, De Beers, Luele, Richard Chetwode, Zimnisky, Miguel Gomes, Polina Devitt, Felix Njini, David Evans
Organizations:
REUTERS, Rights, Reuters, Thomson
Locations:
Ukraine, Antwerp, Belgium, Rights LUANDA, Angola, U.S, China, India