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Angola Sees Rise in Diamond Revenue

Rough sales total $232.8 million in second quarter.
Aug 12, 2019 10:27 AM   By Rapaport News
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RAPAPORT... Revenue from Angola’s national diamond-trading company, Sodiam, rose 3.9% year on year in the second quarter, with the government separately noting an increase in prices.

Prices of Angola’s diamonds have increased since the implementation of the country’s new, more competitive diamond-trading policy last year, the government said in a Facebook post last week. That program allows miners to offer 60% of their production to clients of their choice. 

Proceeds for the three months ending June 30 came to $232.8 million from the sale of 1.5 million carats of rough diamonds, at an average price of $155 per carat, the company added in another post the same day.

Compared with the previous quarter, revenue decreased by $135.8 million as Catoca, Angola’s largest producer, did not sell its April output. National production for the quarter slipped 4.2% versus the same period a year ago. Catoca contributes approximately 80% of the total.

“[Catoca’s April production] will be commercialized and will be reflected in the next quarter,” explained Jânio Corrêa Víctor, the secretary of state for geology and mines. “There will be no impact on state revenue.”

Image: The Catoca mine. (Alrosa)
Tags: Angola, Angola Ministry of Mineral Resources and Oil, Angola National Diamond Trading Company, Catoca, Jânio Corrêa Víctor, Rapaport News, SODIAM
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