Industry News by Nemesis

Angola Liberalise Rough Diamond Sales

September 8, 2019

 

Angolan state-owned diamond marketing company, Sodiam has opened its online registration process for prospective buyers to participate in its future competitive sales of rough diamonds. 


This follows the company’s recent decision to end the buying and selling of rough diamonds on contract basis due to high demand. 


It said in a statement that the process is yet another milestone of the new strategy set out by the Angolan Government to improve transparency in the trading of diamonds in the country. 
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. 


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


Sodiam said the minimum annual turnover in rough diamond trading required to be registered is $2 million for Angola-established companies and $10 million for foreign entities. 
Invitations to the viewings will then be sent to registered companies only at a later stage, it said. 


Sodiam supplied more than 8.4 million rough carats in 2018, from over 12 different Angolan diamond mines, for a total value of $1.2 billion or at an average price of $145/ct. 

 

Source: Rough&Polished

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