Angola: Sodiam Launches Store, Plans For Diamond Hub Continue

Rough Market
18/11/2020 06:43

In Luanda, the state-owned diamond company Sodiam has opened a retail store, in collaboration with KGK, the diamond company that also operates a polishing factory in the country. Earlier, Mines minister Diamantino Azevedo announced the government is going ahead with plans to develop a diamond hub in a free-trade zone, which is said to include a research and training facility as well as a diamond bourse. Since President Lourenço came into power, Luanda has taken a number of steps to liberalize the diamond industry, slowly overturning the system of selling an average of 8m cts of rough diamonds produced annually to only a handful buyers below market value that was instated by the former Dos Santos regime. Angola currently is the fourth largest producer of rough diamonds worldwide, but analysts believe it has the potential to move up the ranking, producing 14m carats per year by 2022.