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Angola Diamond Sales Rise

Revenue up 12% to $295 million.
Nov 6, 2019 8:10 AM   By Rapaport News
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RAPAPORT... Revenue from Angola’s national diamond-trading company, Sodiam, rose 12% year on year in the third quarter amid an increase in the average price.

Prices of Angola’s diamonds have continued to increase since the implementation of the country’s new, more competitive diamond-trading policy last year, the government noted. The program allows miners to offer 60% of their production to clients of their choice.

Proceeds for the three months ending September 30 came to $294.9 million from the sale of 2.3 million carats of rough diamonds, compared with 1.5 million carats during the same period a year ago. The average price climbed 3% to $173 per carat, the government said in a Facebook post Tuesday..

Compared with the previous quarter, revenue increased 27%, with sales volume rising 53% as the company sold its April output from Catoca, which it held back in the second quarter. Catoca is the country’s largest producer, contributing nearly 80% of Angola’s total output.

Image: A rough diamond from Catoca mine. (Alrosa)
Tags: Angola Diamond Sales, Catoca, Rapaport News, SODIAM
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