DRC Diamond Exports Reach $18 Million in Q1 2024 Amid Production Decline

In the first quarter of 2024, the Democratic Republic of Congo (DRC) achieved diamond exports worth nearly $18 million, driven by the export of 1,970,188 carats.

Despite the notable revenue, the sector faces challenges, including declining production and fluctuating market conditions.

The Technical Cell for Coordination and Mining Planning reported diamond production of 931,876.98 carats in the same period. The DRC’s diamond industry continues to grapple with production variability, a trend that has raised concerns among stakeholders.

Breakdown of Production by Segment:

• Industrial Producers: Minière de Bakwanga and SACIM collectively produced 672,518.51 carats.
• Semi-Industrial Mining: Eleven companies contributed only 165.50 carats.
• Artisanal Mining: Artisanal miners added 259,192.98 carats, underscoring their significant role in the sector.

All production was exported to key markets, including Belgium, China, India, the United Arab Emirates, the United States, and Botswana.

Over the years, DRC’s diamond production has fluctuated:

• 2020: 2.7 million carats.
• 2021: 2.9 million carats.
• 2022: A peak of 3.1 million carats.
• 2023 Q1: Production dropped to 1.5 million carats, with further declines in 2024.

This downward trend is attributed to mining challenges, fluctuating global demand, and unfavorable economic conditions.

The DRC’s diamond industry faces increased competition in international markets and internal inefficiencies, including weak resource management and regulatory shortcomings.

However, foreign markets, particularly Belgium and the UAE, remain strong buyers of Congolese diamonds, highlighting the sector’s potential.

To reverse the declining trend, Congolese authorities are urged to:

1. Implement structural reforms to enhance production efficiency.
2. Strengthen regulatory frameworks to improve resource management.
3. Foster investment in the sector to capitalize on international demand.

With these measures, the DRC could unlock the full potential of its diamond sector, ensuring sustained growth and increased revenues.