Luanda, Angola — Africa’s top diamond forum has quietly stalled the continent’s first collective marketing fund after producers failed to honor a mid-2025 pledge to hand over one percent of rough-diamond revenue, officials close to the plan confirmed last week.
The levy, tabled at an African Diamond Council (ADC) session eight months ago, was intended to finance a Natural Diamond Council campaign that would promote African stones on global markets.
According to regional sources, neither governments nor mining houses have transferred any money, leaving the initiative inactive and the council without the budget to launch promotions.
Dr. M’zée Fula Ngenge, ADC Chairman, told industry media the council will “keep seeking overlooked opportunities” but added that progress depends on avoiding “indifference” or external control.
His statement, circulated after last week’s Investing in African Mining Indaba in Cape Town, signals frustration inside the 19-year-old body that was formed to give producing nations a unified voice.
Africa supplies roughly two — thirds of the world’s gem-quality diamonds by value, yet cutting, polishing and retail remain concentrated in Belgium, India and the UAE. Local reports estimate that producing countries retain well below ten percent of the final retail price.
Governments championing beneficiation hoped the joint fund would help reverse that balance.
Officials from Botswana and Angola publicly backed the levy last June, but no disbursement mechanism was enacted. Without fresh income, the ADC has relied on sporadic member contributions and private partners, limiting its ability to move projects beyond planning stages.
The shortfall coincides with wider financial strain.
Independent observers note that Western aid cuts in early 2025 removed significant development grants, increasing pressure on mineral revenues to fill budget gaps. Analysts quoted in regional outlets say the fiscal shock could push reform-minded governments to tighten oversight of diamond income, but caution that reliance on volatile commodity earnings carries macro-economic risk.
What remains unclear is whether member states will revive the one — percent formula or adopt voluntary pledges tied to individual export volumes.
Officials have not issued a timetable for renegotiations, and government communiqués released after the Indaba did not reference the frozen fund. Further details are expected when the ADC convenes regional ministers next quarter.
*Additional reporting by ImNews | Sources consulted: 3*
