Industry News by Nemesis

Angola’s Sodiam Ends Buying, Selling of Rough Diamonds on Contract Basis

September 1, 2019

Angolan state-owned diamond trading company, Sodiam has cancelled the buying and selling of rough diamonds on contract basis due to high demand, according to media reports citing a statement from the firm. 


However, interested companies will from September be able to register and qualify, as potential customers, for the purchase of rough diamonds in Angola through auctions. 
The move was part of the changes brought to the diamond industry by the government of president Joao Lourenço. 


This ended the diamond sales monopoly that was in Sodiam's hands. 


Companies can now sell up to 60% of their output, unlike under the previous regime, when buyers were chosen by Sodiam and Endiama, which benefited a group of people close to power, thus alienating large international companies from the Angolan industry. 
 

Source: Rough&Polished

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