Angola needs to brand its cut diamonds, Angola Polishing Diamonds president says

16 January 2006

Luanda, Angola, 16 Jan – Cut diamonds could earn Angola between US$300 million and US$400 million each year with the export of 1,500 stones, the president of Angola Polishing Diamonds, Eugénio Bravo da Rosa said Friday in Luanda.

Bravo da Rosa, said that cutting and polishing the diamonds added value to the gems and added that its was necessary for Angola to create a brand for its diamonds in order for the industry to grow on a global scale.

Speaking at a scientific meeting hosted by Angolan national diamond company, ENDIAMA, to mark it 25th anniversary, Bravo da Rosa said that training Angolan diamond cutters in line with international standards would make it possible to set up a cost structure that could allow Angola to compete on an international level.

The board of ENDIAMA, which was set up in 1981, plans to make the company one of the largest in the world within three years, the company has said.

Four years ago the company was on the brink of bankruptcy. It had debts of US$312 million, 42 ongoing court cases and 20,000 excess workers.

Currently, the company has 18 diamond projects underway, compared to just four in 2001, and interests in six different countries, has a negligible level of excess labor and expects to have achieved profits of US$280 million in 2005. (macauhub)