africa Angola diamond Mining Trade

Demand for Angolan diamonds is currently higher than supply

Angola’s national diamond trading company, Sodiam announced on Wednesday in Luanda that it has suspended receiving proposals to buy rough diamonds because the demand is higher than the supply.

The state-owned company, announcing the closure of the reception of bids, pointed out that it has already concluded purchase and sale contracts of diamonds mined in the country for the next two years.

The company also said in a statement that interested parties could register on Sodiam’s electronic platform from September in order to qualify as potential customers for the purchase of diamonds by auction.

In the second quarter, Sodiam sold 1.5 million carats at an average price of US$155.3 per carat and gross revenues of US$232.8 million, down by US$135.8 million from first-quarter revenue, “due to the fact that it did not sell the April lot.”

The company posted revenues of US$368.6 million in the first quarter of 2019 from the sale of 2.647 million carats of diamonds.

Source: Macauhub

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