Africa Commodities Diamond Mining

Angola diamond sale decreased to US$135M

Angolan National Diamond Trading Company (Sodiam) sold in the second quarter of this year 1.5 million carats (at an average price of USD 155.3 / carat), resulting in gross revenue of USD 232.8 million, down USD 135.8 million from the first quarter of 2019.

According to a report on second quarter achievements in the diamond sector and third quarter outlook, the reduction from first quarter 2019 is justified by the fact that Catoca, the largest producer with 80% of global production, did not market their April batch, which affected sales during this period.

However, the report points to an increase of 3.9% in revenues and a reduction of 4.2% in production over the same period of 2018.

In the first quarter of 2019, Angola’s National Diamond Trading Company (Sodiam) raised US $ 368.66 million for the sale of 2,647,215.12 carats of diamonds.

Total sales volume increased by 31.5% over the same period of 2018, with the average carat price at $ 139.26, representing a “6.9% increase” over the previous period of 2018.

At the session on Tuesday, Secretary of State for Mines, Jânio Correia Victor, explained that there was no decrease in production, but what actually happened is that the production of Catoca, for April, was not sold, for operational reasons.

Source: Angop

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