News

Advanced Search

Angola Diamond Sales Rise

Nov 6, 2019 8:10 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


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
Similar Articles
Lucapa Lulo 150Lucapa Eyes Increased Share in Lulo
Nov 28, 2019
Lucapa Diamond Corporation is in advanced discussions with the Angolan government to secure a majority stake in its Lulo
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.