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Leviev Group to Sell Angolan Rough on Open Market

Jun 23, 2014 8:53 AM   By Jeff Miller
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RAPAPORT... The Leviev Group reportedly reached a deal with Angola that allows the diamond company to sell rough diamonds from the Luminas mine directly on the open market rather than to specific traders in China and Dubai, according to insiders who were quoted by Bloomberg News.

The report noted that the Leviev Group would benefit from selling rough diamonds at free market prices, whereas the current arrangement results in selling at a discount. Insiders suggested that the deal would result in rough prices that are 50 percent higher for the Leviev Group.  Generally, diamond mining companies operate in Angola through a partnership with  Endiama and rough production is sold through Sodiam. However, Angola has expressed interest in relaxing measures that may be discouraging diamond mining investment.

Official diamond production data for 2013 has not been made available yet; however, according to Kimberley Process figures in 2012, Angola was the fourth largest producer by value at $1.11 billion after mining 8.33 million carats.

Tags: Angola, diamonds, Jeff Miller, Leviev, mining
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