Industry News by Nemesis

Slight Increase in Angola Diamond Production in June

July 22, 2016

In June this year, Angola produced and marketed more than 760,000 carats of diamonds, valued at around $80 million, or only $105/carat, according to the Ministry of Geology and Mines (MGM).


According to a statement from the Ministry, production increased 2.28 percent and sales increased 5.35% compared to May. The increase in volume was due to the fact that production at the Catoca mine registered a slight increase of 0.82 percent compared to the same period of 2015. Production at Catoca accounted for 82 percent of the volume by carats and 56% by sales value.


The newspaper says the average price of diamonds sold was $150 per carat (rather than $105), and also included output also included diamonds from the Lulo, Somiluana, Camutué and Luo projects.


Early projections were that diamond production in Angola this year would reach 8.96 million carats, an increase of 1.4 percent compared to 8.83 million carats produced in 2015, according to the Ministry of Geology and Mining.


According to data from the Kimberley Process, Angola's diamond production for the past five years has held steady between 8.3 and 8.9 million carats following the high point of 9.7mct in 2007. The price realised per carat has held steady at $131- $135 with the exception of 2014, where they achieved $150/carat.


Source: The Diamond Loupe

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