UAE is largest buyer of Angolan diamonds

4 September 2015

About 95 percent of the diamonds mined in Angola in July were sold to the United Arab Emirates (UAE), which was followed by Hong Kong with 3 percent and Belgium and Israel, both with 1 percent, the Ministry of Geology and Mines said.

The statement also said that over 865,000 carats of diamonds were extracted and sold in the period under review, which provided income of US$115 million, at an average price of US$133 per carat.

Compared to June, when 748,000 carats of diamonds were extracted and sold, with a value of US$92.9 million at an average price of US$124 per carat, there was an increase in the quantity and value of 15.66 percent and 24.22 percent, respectively.

These increases were due, according to the Ministry, to the Catoca mine increasing production by 3.83 percent and the fact that in July higher quality diamonds were traded, in a process that usually takes place every two months.

Industrial diamond production in July involved the Catoca, Cuango, Camútwe, Chitotolo, Somiluana, Calonda, Luó and Luminas mines of the twelve active mines in Angola.

At these mines there was total production of 764,000 carats, worth US$90.7 million, sold at an average price of US$118 per carat, with artisanal production, involving seven of the twelve operators accredited to purchase rough diamonds, representing 101,300 carats with a value of US$24.6 million at an average price of US$243.51 per carat. (macauhub/AO)