[2019-11-05] Diamonds provide Angola with revenues of US$294 million in the third quarter of 2019

Source: Macauhub

Diamond sales provided Angola with revenues of US$294.85 million in the third quarter of 2019, an increase of 11.7% or US$30.7 million compared to the same period of 2018, according to figures released on Monday in Luanda.

Angolan national diamond trading company, Sodiam reported that this revenue was the result of the sale of 2.94 million carats of diamonds, an increase of 46% or 722,800 carats compared to the third quarter of 2018.

Angola is currently producing around 9 million carats of diamonds, with the Angolan diamond company Endiama intending to produce 14 million carats of diamonds by 2022 as a result of the start of exploration of the Luaxe mine in the province of Lunda Sul.

The United Arab Emirates remains the most important market for Angolan diamond sales, with Sodiam as the exclusive channel for contract and auction sales to diamond cutting units.

Sodiam sold more than 8.4 million carats of diamonds from 12 mines for a total of US$1.2 billion, or an average price of US$145.5 per carat, placing Angola among the top five diamond producing countries in the world.