Angola: Diamonds Yield USD 1.3 Billion in 2019

Luanda — Diamond production in the country had revenues of US $ 1.3 billion in 2019, with the sale of 9.4 million carats.

Compared to 2018, there was a 12.3 percent growth in production and a 6.2% increase in revenue, according to the National Director of Markets and Marketing Promotion at the Ministry of Mineral and Petroleum Resources, Gaspar Sermão.

The official stressed that the average premium of the diamond was around $ 136 per carat, a reduction in the order of 10% compared to 2018. However, the increase in production was able to offset the fall in price, so the results were positive.

Among the companies, Sociedade Mineira de Catoca stands out as the largest operator in the sector, responsible for about 90% of Angola's diamond production, the largest private employer in Lunda Sul Province and an economic and social partner of the local government.

Gaspar Sermão said that the objective of the Ministry of Mineral and Petroleum Resources is to monitor the commercial activity of the diamond, assess the price in the international market, monitor the fundamentals of the market and evaluate the performance of the companies that commercialize the diamonds.

In his turn, the Secretary of State for Geology and Mines, Jânio da Rosa Correia Victor, said that diamond production will continue, as the intention is to stabilize production.

To him, Endiama is doing a great job in the current mining companies, where the mining process is being optimized to increase production.

See What Everyone is Watching

More From: ANGOP

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.