Angola may have second diamond cutting factory in 2008

27 August 2007

Luanda, Angola, 27 Aug – A diamond cutting and polishing factory may go into operation in 2008 in the Angolan province of Lunda Sul in order to further reduce exports of rough diamonds, according to Angolan newspaper Jornal de Angola.

Cited by the newspaper, the director of Planning and Investment of Angolan national diamond company, Endiama, Alberto Fançony, said that building the new unit was due to an increase in the number of diamonds produced in the country and a political interest in creating and Angolan jewelery industry.

“Endiama is working so that the factory can be built in Lunda-Sul and that by the end of the year it can be in operation,” Fançony said, adding that the new project would have a foreign investor and Angolan partners.

The first diamond cutting factory (Angola Polishing Diamond) was opened in 2005 at an estimated investment of US$10 million, with a caoacity to produce cut diamonds valued at US$20 million per month.

Considered to be one of the most ambitious projects in the country’ diamond sector, the diamond cutting factory was born of a partnership between Angola’s Sodiam, LLD Diamonds and an Angolan consortium.

This year, Endiama expects teh company to have total revenues of US$1.2 billion from production of 9.41 million carats. (macauhub)