Diamonds cut in Angola sold to public Monday

11 December 2006

Luanda, Angola, 11 Dec – Angola’s state diamond company, Endiama, begins its sale of diamonds cut in the country to the public Monday, in an event aimed at launching a national jewellery industry, officials said.

The cheapest diamond available for the public top buy costs US$1,000, while the most expensive is “over US$10,000,” said a source from the company speaking to Portuguese news agency Lusa, adding that “there will be no restriction,” on sales.

The diamonds on sales were cut by Angolan professionals at Angola Polishing Diamonds, the first diamond cutting factory in the country, opened at the beginning of the year, with a capacity to process diamonds worth US$240 million per year.

The factory, which employs around 400 specialized workers, is the result of a partnership between diamond trading company Sodiam, a subsidiary of Endiama, Angolan consortium Progem and LLD Diamonds of the Lev Leviev Group.

The sale of diamonds cut in Angola is provisional for the Christmas period, but Endiama plans to make this a regular occurrence by creating a national jewellery industry.

Diamond production in Angola totaled over 6 million carats in 2005, with Angola’s state diamond company Endiama estimating it will reach 10 million carats at the end of this year and 19 million in 2009.

The projections are based on investments underway in the sector, including the second module of the Catoca project, which accounts for 60 percent of the country’s diamond production.

On November 4, Angola took on the presidency of the African Diamond Producing Countries Association (ADPA), an organization that was officially set up on that day, which includes around 20 countries, which are responsible for 60 percent of world diamond production. (macauhub)