[2019-01-16] Angola produces 9.43 million carats of diamonds in 2018

Source: Macauhub

Diamond production in Angola in 2018 totalled 9.43 million carats, which provided revenue of US$1.2 billion, the president of state-owned Endiama said on Tuesday in Luanda.

Ganga Júnior, chairman of Empresa Nacional de Prospecção, Exploração, Lapidação & Comercialização de Diamantes de Angola (Endiama), also said industrial production reached 9.22 million carats, which exceeded the forecast of 8.53 million carats by 8.0%.

Semi-industrial and artisanal production accounted for production of 212,540 carats, less than the 465,120 carats extracted in 2017.

The chairman of Endiama, quoted by the Angop news agency, said that the increase in revenue is the result of a new government policy that allows companies to directly sell up to 60% of their production, ending the sale of diamonds to preferential customers.

This government strategy, approved in July 2018, has already shown results, and on 31 January, Endiama and Angolan diamond trading company Sodiam plan to auction seven outstanding quality stones mined in the Lulo concession.

Ganga Junior also said that of the total production 8.26 million carats were sold, at an average price per carat of US$148.65.

The chairman of Endiama also reported that the company has a liability of US$525 million, which is “debt that is being negotiated.”

The company, which celebrates its 38th anniversary this year, has forecast production of 9.5 million carats of diamonds and revenues of US$1.3 billion this year at an average price of US$154 per carat.