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Angola's 4th diamond cutter already in operation - FurtherAfrica
Africa Angola Diamond Industry Mining Natural Resources

Angola’s 4th diamond cutter already in operation

A diamond cutting factory known as “KGK Angola”, with a capacity to process 100,000 rough carats / year, was inaugurated Monday in Luanda, bringing to four the number of such units in the country.

With USD five million already invested out of the USD 25 million foreseen for the first phase of this factory, the initiative is a partnership between 65 percent Indian-owned group “KGK”, Sodiam EP 5 and UST with 30.

The factory, inaugurated by the Minister of Mineral and Petroleum Resources, Diamantino Azevedo, complies with the new international stoning standards, provided 50 jobs for nationals, which could increase to 200 by the first half of 2020.

On the occasion, the government, who chaired the opening ceremony, welcomed this new investment and, in particular, the interest of the KGK group in the Angolan market.

In his opinion, the factory is an asset in terms of the quality of new projects and partnerships to be developed in the country.

He said it was the Government’s intention to increase, in the medium term, 20 percent of the country’s diamond-cutting capacity, which is currently only two percent.

The Diamond Subsector Act mandates that 20 percent of diamonds mined in the country must be cut internally.

With the inauguration of this factory, the country has the fourth diamond cutting installation (APD, ASPD, Pedras Rubras).

Diamantino Azevedo appealed to domestic and foreign investors to invest in this investment in the Industrial Pole, being finalized in the province of Lunda Sul, as well as in other parts of the country, where diamonds are explored.

Without advancing production and the amounts to be invested, he said that soon there will be investments for the construction of diamond-cutting factories in the provinces of Lunda Norte and Malanje, as well as the opening of a cutter at the Industrial Pole in Saurimo, Lunda Sul.

KGK is a company of Indian origin, established in 1905, based in Hong Kong, engaged in mining, jewelry, gemstone trading, among other products.

The KGK is established in 18 countries and has a global team of 14,000 professionals and is fully active in Asia, America, Europe, Australia and Africa (South Africa, Botswana, Mozambique and Namibia).

Source: Angop

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