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Angola Aims to Broaden Its Diamond Trade

Sep 3, 2019 10:34 AM   By Rapaport News
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Angola is looking to expand its diamond operations, and hopes to create businesses across all points of the sector, including manufacturing and jewelry.

The country recently inaugurated its third diamond-cutting and production factory, Pedra Rubra, which will also manufacture jewelry for its five stores in Luanda. The facility, which cost $5 million to build, will process 5,000 carats of rough per month, the Ministry of Minerals and Oil said Monday. Stone Polished Diamond opened in February, while Angola Polished Diamond launched in 2015.

“We want Angola to be across the entire diamond chain,” said Pedra Rubra owner Hélder Milagre. “The philosophy is to cut and produce jewelry, this time selling finished pieces.”

The government has also recently opened the sector to private investment, in an effort to grow its industry.

“We…are looking at the production, marketing and internal processing of diamonds,” Diamantino Azevedo, minister of mineral resources and oil, explained on the ministry’s Facebook page. “We are building a development hub in Lunda Sul, and it is our wish that companies wishing to invest in the diamond segment will bet on that, which, in principle, should be inaugurated next year.”

The ministry is also considering creating an Angolan diamond exchange, Azevedo noted.

Image: Angola minister of minerals and oil Diamantino Azevedo. (Angola Ministry of Minerals and Oil/Facebook)
Tags: Angola, Angola Polished Diamond, Diamantino Azevedo, Hélder Milagre, Ministry of Minerals and Oil, Pedra Rubra, Rapaport News, Stone Polished Diamond
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