[2019-02-01] First diamond auction held in Angola raises US$16.7 million

Source: Macauhub

The first diamond auction to be held in Angola, in which seven diamonds of exceptional quality were put up for sale, brought in US$16.7 million, Angola’s National diamond trading company, Sodiam said.

This auction, which was attended by 31 companies, was carried out under a new diamond marketing policy approved on 27 July, 2018, and the seven diamonds offered for sale came from the Lula mining concession, whose biggest shareholder is Australia’s Lucapa Diamond Company.

Sodiam also reported that the 31 companies were from eight countries, namely Angola, Belgium, United Arab Emirates, India, United States of America, South Africa, Israel and China, and the highest bidders were Arslanian Group DMCC, Blue Glacier Diamonds, Kapu Gems, Shree Ramkrishna Export Pvt Ltd, MBD BVDA and the Julius Klein Group.

The Minister of Mineral Resources and Oil Diamantino Azevedo, commenting on this auction in which interested companies presented closed bids for the diamonds, noted the importance of auctioning rough diamonds and the historical moment it represents for Angola .

“The results obtained make the government, the ministry and all the entities involved happy, both because of the result and the efficient, professional and transparent manner in which the whole process was carried out,” said the minister, quoted by Angolan state news agency Angop.

This first auction of rough diamonds in Angola was publicly presented by the Minister of Natural Resources and Oil in Luanda on 28 January at a ceremony organised by Sodiam.

Angolan diamond company ENDIAMA is the public body responsible for the whole process of trading (buying, selling, importing and exporting) diamonds in Angola.