Industry News by Nemesis

Endiama Confirms Sale of Largest Diamond Ever Found in Angola

March 2, 2016

The National Diamond Company (Endiama) confirmed this Wednesday in Luanda the sale at the international market of the 404,23 carat diamond, the largest diamond ever found in the country, for Usd 16 million.

An Endiama source says that as a result of the transaction, the State earned Usd 2.1 million worth of taxes and fees, while the remainder amount shared among the partners according to their shares in the Lulo Project, in Angola's northeastern Lunda Norte province.


"Projecto Lulo" is operated under a partnership in which Edniama holds a 32 percent share, while Lucapa Diamond Company Limited holds 40 percent and “Rosas & Pétalas” 28%.


Meanwhile, a Lulo project's 120,35 carat diamond was also sold at Usd 2.942,557.50.


According to studies, Angola’s subsoil holds 90 percent of the mineralised kimberlites and the diamond so far explored in the country over the last 100 years is just a small portion of the existing potential.


Angola is among the world’s five top diamond producers in value and among the 10 major producers in amount. Its annual production is estimated at 8.3 million carat, with a net revenue of Usd 1.1 billion.


Source: ANGOP

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