Leading players in the global industry, including producing countries and organizations, have signed an agreement that would see them create a collective marketing fund for natural diamonds.
Representatives from countries including Angola, Botswana, Namibia, South Africa, Sierra Leone, and the Democratic Republic of the Congo took part in the meeting in Angola on Wednesday to hammer out the details of the Luanda Accord. They discussed the details of the fund — geared toward the launch of a global generic marketing campaign — together with trade organizations such as the Antwerp World Diamond Centre (AWDC), the African Diamond Producers Association (ADPA), India’s Gem and Jewellery Export Promotion Council (GJEPC), and the Dubai Multi Commodities Centre (DMCC), as well as diamond miner De Beers.
“The Luanda Accord marks a fundamental shift in the way our industry comes together to protect and promote the future of natural diamonds,” said GJEPC vice chairman Shaunak Parikh. “A unified global marketing push is no longer optional — it’s essential.”
The agreement in principle, which the parties have yet to finalize, includes a 1% donation of annual rough export value from each producing country, to be determined by Kimberley Process (KP) records. In total, the fund is expected to exceed $80 million, according to sources at the meeting, and it will be collected on a sliding scale based on the amount of rough each country sells. It will be up to individual governments to determine, together with the industry, the mechanism by which each participant will contribute to the group fund, which the Natural Diamond Council (NDC) will manage. The not-for-profit organization, which industry members fund, was created to help promote the global natural diamond trade.
Organizations will collect contributions from midstream buyers, AWDC CEO Karen Rentmeesters said, noting that the different trade groups represented thousands of companies that purchase rough.
“We estimate that about half the funding, at least, will come from those who buy rough diamonds,” Rentmeesters noted.
Getting started ASAP
Angola has already agreed to pledge $8 million up front, approximately 1% of its rough exports for the first half of the year, an amount De Beers will match. That allows the NDC to begin marketing immediately, Rentmeesters said.
However, participation is still open, and Rentmeesters sees the potential for other countries to join.
“We still need to define what we want to achieve and work out the finer details, but we have agreed that 1% of the value of the rough sold at source should be directed to NDC, and that those countries and organizations who have signed up to it have made a commitment.” she explained. “There might be more countries signing up in the future. I don’t think that’s excluded at this point in time.”
Rentmeesters acknowledged that organizers had not invited Russia to participate, and that Canada, with its three diamond mines, was not involved yet.
Making the decisions
With so many members taking part, the question of who makes the call on any marketing decisions and how the collective money should be spent is a big one. Unlike the KP, the NDC does not require a consensus vote. Rentmeesters said the most likely scenario would involve a representative from each participating country or organization joining the NDC’s board and agreeing on a plan, with the weight of each member’s desires directly proportional to the amount of their contribution. Meaning, if 1% of the rough exports of a country like Angola is $16 million annually, and 1% of another country yields a much lower figure, Angola would have more sway.
Board members will also be privy to the results of each campaign, including changes to natural-diamond sales figures and consumer response, which they will then use to determine the direction of future advertising.
“The idea is that we now have an NDC 2.0, and there will be a new structure, and in that structure, all those who commit to contribute will have a voice, and that voice means that they, together, determine what the course is for the new NDC.”
Here is the text of the agreement:
The Luanda Accord
Luanda, 18 June 2025
We, the undersigned representatives of diamond-producing governments and industry stakeholders, convened in Luanda on 18 June 2025 with a shared commitment to support a bright future for the natural diamond industry and the communities whose lives and livelihoods depend upon it.
We acknowledge the profound importance of the natural diamond industry as a driver of economic opportunity, employment, and sustainable development across Africa and other producer regions. The sector plays a critical role in uplifting local communities, supporting national development goals, and contributing meaningfully to public revenues and infrastructure.
We recognise the challenges facing the natural diamond industry today, including macroeconomic factors and shifting consumer preferences. These challenges require industry-wide action that harnesses the capabilities of the full diamond value chain — from producer governments and miners to manufacturers, traders and retailers.
We affirm our common understanding that effective action is urgently required to build and sustain consumer demand for natural diamonds. We commit to working together to help ensure that a new generation of consumers is not only aware of the rarity and natural beauty of diamonds, but also of the positive impact they have made — and continue to make — in communities and producer nations across the globe.
As such, we the undersigned agree that marketing is a fundamental pillar of the natural diamond industry’s future. We jointly resolve to exclusively promote natural diamonds through a global, generic marketing effort focused on key consumer regions. This effort must be informed by a shared vision, shaped by inclusive governance, and backed by sufficient and sustained resources.
We acknowledge the valuable work already undertaken, including by the Natural Diamond Council, through previous generic marketing activity and agree that further funding is essential to build upon this foundational work. A more robust strategy must be developed with urgency and executed swiftly by the Natural Diamond Council to support the peak sales season of 2025 and beyond.
To this end, the undersigned producer governments, producer companies and industry intend to contribute the equivalent to 1% of the annual revenues generated from rough diamond sales to this initiative. It is for individual governments to determine with industry the arrangements for implementation of this contribution.
All contributions will be directed to the Natural Diamond Council, which shall be tasked with overseeing and executing the global generic marketing strategy. The mechanics of effecting contributions will be determined in due course and will be subject to prior legal review. The governance of the Natural Diamond Council will be reviewed to ensure it reflects the contributions of its members. The contributions and the outcomes of the marketing initiatives will be assessed at least annually by the members of the Natural Diamond Council.
We also recognize that the success of this initiative relies not only on government contributions but also on the active participation of stakeholders across the diamond value chain. We therefore call upon miners, manufacturers, traders, retailers and other industry actors to engage in, and meaningfully contribute to, the success of this endeavor, which is essential to help secure a brilliant future for natural diamonds.
Together, through a shared vision, mutual support, and decisive action, we commit to preserving and enhancing the legacy and promise of natural diamonds for generations to come.
Signed on this 18th day of June, 2025.
Main Image: The Luanda Accord meeting in Angola. (DMCC)
