The state-owned diamond companies of Russia and Angola have signed a deal to form a joint venture which will explore for rough diamonds in Angola, Rough and Polished reports. The pact was inked on Thursday in the capital of Luanda between Alrosa president Fyodor Andreev and Endiama president Antonio Carlos Sumbula.

Talks of a possible alliance took place in April, when Andreev visited Angola, prior to which Sumbula had visited Moscow for discussions.

Alrosa and Endiama already have a working relationship that spans over two decades. Together the two miners developed the Catoca diamond field, which is responsible for approximately 6% of total global diamond production. After intense analysis of the country's diamond-producing potential by Alrosa scientists, the project got the green light. Exploration in areas already picked out by the parties will commence next year, according to Rough and Polished. At the signing ceremony, Andreev expressed optimism about the likelihood of finding a new large diamond deposit in Angola.