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Luele, Angola’s biggest diamond mine, opens against backdrop of weak demand

Angola has officially started diamond mining at its new Luele project, the biggest in the country and one of the world's largest by estimated resources at a time when global diamond demand is already depressed.

The deposit, formerly known as Luaxe, has already produced 5m carats during its pilot stage and is expected to produce 6m carats annually.That would eclipse Catoca, until now the country's biggest mine, which reported a 2021 output of 5.7m carats. The 600m deep Luele mine is expected to yield a total of 628m over a projected 60-year lifetime.

"This is the only major new diamond mine in the world that will commence production this decade," independent diamond analyst Paul Zimnisky said

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