Angola’s Private Gem: The Luarica Diamond Mine
Located in Angola, the Luarica diamond mine is owned by a consortium of diamond mining companies, the two largest holders being Endiama (38%) and Trans Hex (32%).
According to Rough & Polished, in 2014, Luarica produced about 95,000 carats (19 kg) of diamond, of which 84,000 were sold at an average price of over $300 per carat – highlighting a new high mark for Angolan diamond production.
In 2009, mining operations were suspended due to a decline in diamond demand caused by the global financial crisis. Trans Hex withdrew from operations, and in 2011, Endiama said that it planned to restart operations alone. In 2013, Endiama signed an agreement with Russian miner Alrosa to establish a joint venture to conduct geological exploration in the area.