Cape town: The Republics of Angola, Botswana, the Democratic Republic of the Congo (DRC), Namibia, and South Africa, all members of the Diamond Producers Association, convened on Monday to review the progress of the Luanda Accords in promoting natural diamonds.

According to Angola Press News Agency, the Luanda Accord mandates that participating countries and members of the Natural Diamond Council (NDC) allocate one percent of their annual diamond sales revenue to the NDC. Each country is tasked with establishing the industrial and technical frameworks necessary to fulfill these contributions in collaboration with relevant industry stakeholders.

Angola's Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, highlighted the advancements achieved since the signing of the Luanda Agreement, including the integration of diamond companies Endiama and Sodiam into the NDC. Minister Azevedo emphasized Angola's commitment to contribute 0.5% of its gross commercial revenue, with plans to explore an additional 0.5% contribution mechanism, though details are still under review.

Minister Azevedo expressed confidence in Angola's partnership with the NDC and the active role of the Angolan Diamond Exchange. He noted that implementing a 0.5% tax on diamond sales for natural diamond promotion is crucial for the initiative's success, ensuring compliance and participation from all stakeholders involved.

Namibia's Minister of Mineral Resources, Modestus Amutse, endorsed the Luanda Agreement by signing the accession protocol. He remarked on the strategic importance of diamonds for Africa, viewing them as a vital resource in global production. Minister Amutse believes this agreement reinforces Africa's credibility and competitive standing on the international stage.