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The operator, a joint venture between state-owned diamond firm Endiama and Russia's Alrosa, has closed a diamond processing factory and suspended prospecting work in other concessions, reported state news agency Angop.

Catoca Mining Society has readjusted its projected production volumes, and postponed some new investments, added the statement. It has also launched better monitoring of expenses in production, such as energy, water, fuel and material used in the emulsion process.

The company said the measures at the world's fourth-largest diamond mine, which is located roughly 840km east of the capital Luanda, were necessary as sales are at a standstill on the global market.

"Diamonds are not being bought or sold. As a result, the companies in this sub-sector have stopped earning revenue … Angola's largest diamond cutter is now in a stagnant market."