• Five African producers to allocate 1% of rough diamond revenue to global campaign

• Agreement signed with key industry players to counter rise of lab-grown diamonds

• Campaign to be led by the Natural Diamond Council, supported by over $60 million

Amid falling natural diamond sales and rising competition from synthetic stones, five African diamond-producing nations have pledged to jointly fund a global advertising campaign to boost demand. Botswana, South Africa, Namibia, the Democratic Republic of Congo, and Angola signed the agreement on June 18, in Luanda.

For the first time, the countries will contribute 1% of their annual rough diamond revenue to the campaign. Joining them are major industry players, including the Gem & Jewellery Export Promotion Council (GJEPC) of India—responsible for 90% of global diamond cutting and polishing—as well as De Beers, the Antwerp World Diamond Centre (AWDC), and the Dubai Multi Commodities Centre.

The campaign will be managed by the Natural Diamond Council (NDC), tasked with designing and executing the global marketing strategy. While no formal budget has been disclosed, the African signatories exported over $6 billion worth of diamonds in 2023, according to the Kimberley Process. A 1% contribution would exceed $60 million.

The initiative responds to the rapid growth of lab-grown diamonds (LGDs), which have significantly disrupted the market. According to McKinsey, LGDs accounted for 46% of engagement rings sold in the U.S. in 2023, up from 12% in 2019. Their appeal lies in affordability and traceability factors that have eroded the market share of natural stones.

The Luanda Agreement marks a coordinated effort to reverse this trend and stabilize revenues. Botswana’s diamond sales, for example, fell by 46% in 2024, largely due to reduced demand.

“One carat, one community, and one life changed… We need to move from fragmented messages to united storytelling. Africa must lead a global strategy to market diamonds. We will be the real storytellers who connect diamonds with consumers,” said Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo.

While the implementation details of the agreement are pending, the move comes alongside existing efforts such as De Beers’ “Forever Present” campaign and the AWDC’s “We Protect A Legacy” initiative. The new alliance aims to unify messaging and reframe the global perception of natural diamonds, with Africa at the forefront.