(Ecofin Agency) - Diamond exports from the Democratic Republic of Congo (DRC) have been slumping since 2019, except in 2021. This downward movement, driven by issues faced by companies operating in industrial mining, caused the country to lose its position as Africa’s second-biggest diamond producer in 2023.

The DRC exported 8.3 million carats of diamonds in 2023, down 28% compared to 2022. According to provisional data released in March 2024 by the Congolese Ministry of Mines, this is also the lowest level recorded since 2019.

After peaking at 14.03 million carats five years ago, the country’s diamond production has been plunging since, except in 2021 when it grew slightly. Though the report did not reveal factors that spurred the fall in diamond exports, it could be due to issues faced by companies operating in industrial mining.

In July 2023, Hans Merket, a researcher, told the Ecofin Agency that the Sino-Congolese joint venture SACIM suspended its production during part of the year, while the state-owned company MIBA struggled to develop its activities due to significant indebtedness.

Last year, exports from industrial mining accounted for only 20% of the DRC’s total diamond exports. SACIM dominated production with 1.59 million carats, followed by the company KA-BE SARL with 35,811 carats.

The DRC was, until 2022, Africa’s second-biggest diamond producer. It was taken over by Angola, which produced 9.8 million carats in 2023. The continent’s top producer is still Botswana, both in terms of quality and quantity.

The DRC exports most of its diamonds to the United Arab Emirates (UAE), and Belgium. They purchased, respectively, 4.37 million carats and 3.31 million carats from the Central African country in 2023. Other major buyers are India, Armenia, and the United Kingdom.

Emiliano Tossou