Gov't of Angola Posts Tender For Independent Valuators of Rough Diamond Production

Rough Market
24/02/2020 18:21

The Republic of Angola's Ministry of Mineral Resources and Petroleum has announced a public tender for independent rough diamond valuators with the capacity to handle Angola's entire national diamond output, which last year reached 9 million carats and $1.3 billion. The search for a truly independent valuator gives teeth to the country's efforts to ensure a fair market price for their diamonds and to generally bring greater transparency and accountability to the country's new diamond marketing policy, a priority of President Lourenço. 

More specifially, as a representative from Sodiam (Angola's National Diamond Trading Company) explained, the task will entail valuing stones weighing 2 carats and up, as the smaller stones typically fall into the range of commodities and do not generally undergo detailed pricing analysis. They are particularly looking for expertise in valuing single stones, across the entire range of goods. While the country currently produces 9 million carats from one kimberlite mine (Catoca) and about 10 alluvial mines, a second kimberlite mine (Luaxe) will be entering into production in a couple of years, which will increase production even further.

The varied sources of the diamonds requires that valuators to have the ability to valuate stones from a kimberlite source as well as an alluvial source. The official wished to emphasize that any organization that applies for such a contract must have an excellent track record, a wealth of professional valuation experience and - critically - no conflict of interest. "When they say they are looking for an independent evaluator, that is exactly what they mean," the official said. This means applicants cannot have any connection to Endiama, Sodiam or mining interests in the country. They also must be prepared to spend weeks at a time in Angola.

The contracting entity is the Ministry of Mineral Resources and Petroleum, which is responsible for implementing the Rough Diamond Marketing Policy in Angola. The contract specifically is for Independent Valuators to assort, value and determine the reserve prices of Angolan rough diamonds prior to their commercialisation to ensure a fair market price. The deadline for submission and receipt of proposals is 4pm (Angolan Time) on 6 April 2020. See the document in annex for all the details.