Angola’s Sodiam posts turnover of US$316 million from diamond sales in the second quarter

1 August 2018

Angola’s national diamond prospecting, exploration, cutting and trading company, Sodiamposted gross revenue of US$316.52 million from the sale of diamonds in the second quarter of 2018, according to the company’s chief executive Fernando Amaral.

The amount recorded in the second quarter, which is an increase of 23.3% compared to the US$256.59 million recorded in the first quarter, is 93.0% made up of industrial activity (US$295.39 million) and the remaining 7.0% (US$21.48 million) is from artisanal activity.

In the period under review, Sodiam sold 2.31 million carats of diamonds, of which 92% or 2.14 million carats came from industrial production and the remaining 8.0% or 169,270 carats from artisanal production.

The chief executive, speaking on the sidelines of a trading meeting in the second quarter of 2018 and analysing the market outlook for the third quarter, said that the diamonds sold mainly came from the provinces of Lunda Sul (85%) and Lunda Norte (15%).

The average price per carat recorded in the second quarter was US$136.69, and for industrial production the price was US$137.45 and for artisanal production was US$126.94.

These meetings are held quarterly by the Ministry of Mineral Resources and Oil in partnership with companies in the sector, in order to ensure greater transparency in the process of buying and selling rough diamonds and to monitor the sale of diamonds produced in Angola.

Sodiam was founded on 15 January, 1981, as the exclusive concessionaire of diamond mining rights. It is the successor to Diamang, a mixed capital company, which was created in 1917, during the period of Portuguese colonisation of Angola, and which operated until 1986. (macauhub)