Congo strikes diamond deal with Swiss firm to boost local diamond processing

The Democratic Republic of Congo (DRC), Africa’s second-largest diamond producer, is taking another step toward capturing more value from its vast mineral wealth by shifting from simply exporting rough diamonds to processing and selling them locally.

The Congolese government has signed a strategic agreement with Switzerland-based diamond and gemstone technology company ADEX Platform to establish a domestic diamond processing and marketing ecosystem, a move aimed at reducing illicit trade, increasing transparency, and creating more value within the country.

The agreement was signed by the state-owned Mining Fund for Future Generations (FOMIN) and the ADEX Platform. Under the deal, the two partners will establish a joint venture known as ADEX RDC S.A., with each party holding a 50% stake, according to Reuters.If successfully implemented, the ADEX RDC venture could help reposition the DRC’s diamond industry from a major exporter of rough gemstones to a competitive player in the global polished diamond and jewellery market, allowing more of the industry’s value to remain within the country rather than flowing overseas.