Diamond producers, such as Angola, launch advertising campaign and reduce supply

18 January 2016

The world’s diamond producing countries will next May launch an advertising campaign and are reducing the amount of diamonds available on the market in order to increase demand and prices, the chairman of Angolan diamond company Endiama said in Luanda.

Carlos Sumbula, who was speaking at a celebration of the 35th anniversary of the Angolan diamond company, said the ad campaign had been commissioned from a firm in Las Vegas, and would run alongside an intentional reduction in supply, which would lead to a price rise starting this year.

Quoted by Angolan news agency Angop, Sumbula said that Endiama would intensify the search for new deposits in partnership with Russian group Alrosa and other partners, given that known kimberlites account for only about 10 percent of the deposits thought to exist in Angola.

Endiama has the alluvial projects of Cangandala, Milando and Chinguvo in the prospecting phase, while dozens of other projects are in promotion and the kimberlites of Luangue, Tchiafua, Vulege, Gambo, Gango, Quitubia and Tchegi are also undergoing prospecting. (macauhub/AO)