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Angola’s new diamond mine opens against backdrop of weak demand

Angola’s new 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, it said, at a time when global diamond demand is already depressed. Demand for diamond jewellery has been hit by high-interest rates in the U.S., home to 55% of global demand, a muted post-pandemic recovery in China and competition from lab-grown diamonds. Angola's state-controlled diamond miner Catoca found the Luele diamond deposit at the project, previously known as Luaxe, in 2013 in one of the largest discoveries in the diamond industry in more than half…
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