Industry News by Nemesis

Angola Mulls Diamond Exchange

September 18, 2019

Angola is set to establish a diamond exchange, which will replace the state-owned diamond trading company, Sodiam, according to a report citing the country’s mineral resources minister.


Sodiam is currently responsible for the purchase and sale of all semi-industrial and artisanal diamonds and 60% of diamonds produced in the industrial circuit.


Minister Diamantino de Azevedo said operating model for the diamond exchange is still being considered.


“We are studying the models used by other countries and we think that in the future we may have a diamond exchange in Angola,” he was quoted as saying by Macauhub.


De Azevedo could not shed light on when the diamond exchange will be set up.


Angolan officials recently visited Dubai to study how a diamond exchange operates.


The ongoing restructuring of the mining industry in the southern African country includes the closure of Angolan national iron company Ferrangol and its transformation into the National Mineral Resources Agency as well as the partial privatisation of the state-owned diamond company, Endiama.

 

Source: Rough&Polished

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