Dubai has been the main destination for Angolan jewelry, with the Dubai Diamond Exchange receiving over 90% of national production.
The emirate has no intention of losing its privileged relationship with Luanda.
Sources from África Intelligence reveal that João Lourenço’s government is determined to end Dubai’s near monopoly, namely with the creation of a diamond exchange in Angola by the end of next year.
According to Africa Intelligence, Indian diamond traders intend to take advantage of the end of the status quo to increase the share of Angolan diamond production sold in Mumbai, which at the moment is insignificant.
India is a heavyweight in the diamond sector. Mumbai is home to the Bharat Diamond Bourse, the largest diamond exchange in the world, while the northwestern city of Surat, nicknamed Diamond City, is the world’s leading diamond polishing center.
