Angola Unveils Third Diamond Cutting Plant

Luanda — Angola announced Tuesday a third diamond cutting factory worth USD 5 million, whose initial production capacity stands at 5,000 carats/month.

Called "Pedra Rubra", the factory is located in an area of ??458 square meters, in the district of Maianga (Luanda), according to a note from the private company reached Angop Tuesday.

The factory owner, Hélder Milagre, said the company also has five jewelry stores in Luanda and expects to produce, in the short term, enough jewelry to meet domestic market demand. He asked commercial banks to facilitate foreign exchange buying, as the rough diamonds are bought in foreign currency and sales in Angola (jewelry) in local currency (kwanzas).

The Minister of Mineral Resources and Petroleum, who inaugurated the plant, pledged to address the concerns raised by the entrepreneur.

"We are abiding by one of the Executive's recommendations - focusing on production, sale and internal processing of diamonds," said Diamantino Azevedo, who spoke of reforms in the mining subsector. He recalled that "we will have a model similar to that of the oil".

Pedra Rubra joins other existing plant, like Stone Polished Diamond (SPD) inaugurated in February this year, and Angola Polished Diamond (APD), both located in Talatona, Luanda.

The third diamond-cutting company created 140 jobs, with 10% for foreigners.

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