New policy for sale of diamonds in Angola expected to attract more investments

29 June 2018

Angola’s new policy on the sale of diamonds, approved on Wednesday by the Council of Ministers, will encourage more investments in production, and open up the market to all interested parties, said on Thursday in Luanda the minister of Mineral Resources and Oil.

Diamantino Azevedo, speaking on the sidelines of the 1st Consultative Council of the Ministry, said that the document approved by the government included a major alteration to the previous sales policy, in which contracts were signed only with “preferential customers,” a restricted group of companies that bought up the entire production.

The minister said he was anticipating the appearance of a larger number of companies interested in buying diamonds from Angola, whose sales process will be led by the mining companies themselves, under the supervision of public company Sodiam.

Meanwhile, the president of Angola’s diamond mining company, Endiama reported that gross revenue from the sale of diamonds in 2017 reached US$1.1 billion, following a production of 9.4 million carats.

The amount raised comes from the sale of diamonds at an average price of US$113 per carat, the president of Endiama said.

Mining company Sociedade Mineira da Catoca provided 89.22% of the total production, of which 70% was sold to the United Arab Emirates, Hong Kong, Belgium and Switzerland. (macauhub)