Diamond summit awaiting better days, says director of Angola’s national diamond company

20 October 2009

Luanda, Angola, 20 Oct – The world diamond summit, scheduled for this year in Angola and cancelled due to the international financial crisis, may take place within the next two to three years, said the director for Planning and Finance of Angolan diamond company Endiama.

Alberto Fonçony said that due to the world financial crisis many companies had gone bankrupt and opened up the way to others in the diamond sector, and the summit should take place only after “the new important actors ” in the sector.

“We are working to concentrate our efforts on keeping the industry alive. In the more or less near future, when conditions improve, we will think about when we will bring together the cream of diamond producers and polishers,” said Fançony.

The world summit of diamond producers was cancelled at the request of several companies due to the world financial crisis, which especially affected the mining sector.

Fançony also said that in order to carry out events of this size it was necessary to find a string issue to support the event, adding that one of the themes could be the creation of a diamond exchange in Angola.

In 2008, Angola’s diamond production totalled 8.9 million carats, with a market value of US$1.2 billion, or 10 million carats below projections.

Production of between 7 and 9 million carats is expected for this year and its value has yet to be determined due to variations in the price of rough diamonds.

Angola’s national diamond company, Endiama, the national concession-holder of 172 mines in 14 provinces, is a public company in January 1981. (macauhub)