Diamond production in Angola may reach 10 million carats in 2011

26 May 2011

Luanda, Angola, 26 May – Angola’s diamond production is this year expected to total 10 million carats and provide revenues of US$1.2 billion based on an average price per carat of US$120, Angolan newspaper O País reported citing sector sources.

The newspaper added that if that level of production is achieved the recovery began in 2010 would continue. In 2010 diamond production totalled 9.5 million carats and provided revenues of US$950 million.

In 2009, revenues from diamond sales fell to US$804.15 million following revenue of US$1.211 billion in 2008 due to a drop in price per carat, which stood at US$87 in 2009, as compared to US$136 in 2008.

The newspaper also said that in 2012 Angolan diamond production was expected to total 11 million carats, which would provide revenues of US$1.375 billion at an average price of US$125 per carat and that in 2013 production would rise to 11.7 million carats and revenue of US$1.521 million, at US$130 per carat. In 2014 production is expected to continue to rise to 12.8 million carats, revenues of US$1.792 billion and an average price of US$140 per carat.

Angola is part of the Kimberley Process, an inter-governmental initiative of the international diamond industry supported by the United Nations and set up in 2002 with the aim of certifying the origin of diamonds in order to prevent the sale of so-called blood diamonds from conflict areas. (macauhub)