African diamond-producing nations have joined forces with major industry players to pledge one percent of their revenues towards promoting natural diamonds, as the sector faces growing competition from synthetic alternatives, according to Angola’s government.

Ministers from Botswana, Namibia, South Africa, and the Democratic Republic of Congo formalised the agreement during talks in Luanda, alongside executives from prominent mining companies, including De Beers, Angola’s Ministry of Mineral Resources announced.

The global market for natural diamonds has been increasingly challenged by laboratory-grown gems, which are significantly cheaper to produce and can be created within weeks.

“Under this agreement, governments, producers, and other industry stakeholders have committed to contribute the equivalent of one percent of their annual rough diamond sales revenue to support a global marketing campaign led by the Natural Diamond Council,” stated Angola’s Minerals Minister, Diamantino Azevedo.

The Natural Diamond Council, a non-profit organisation, focuses on promoting natural diamonds to consumers worldwide. Azevedo described the new pact as “a strategic investment in the future of our industry.”

The initiative aims to educate younger consumers about the rarity, authenticity, and the positive socio-economic contributions that natural diamonds provide to producing nations and communities, the minister added.

Africa remains a dominant force in the diamond sector, responsible for approximately 65 percent of global rough diamond production. Botswana, where diamonds contribute around 30 percent to its GDP and 80 percent of its export revenue, ranks as the world’s second largest producer after Russia.

Angola held fourth place in 2023, according to figures from the Kimberley Process—the international body that monitors the diamond trade—recording production worth over $1.5 billion.