The future Angolan Diamond Exchange is expected to start operations later 2022, said Thursday in Dubai (United Arab Emirates), the Angolan Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo.
“Despite the Covid-19 pandemic, the Stock Exchange will be incorporated and inaugurated in the ENDIAMA/DEBEERS building in the Angolan capital, Luanda,” said the incumbent of the sector.
He stressed that one of the functions of the stock exchange would be the diamond auction, a relatively new service in the field.
According to the minister, the exchange will be managed by SODIAM and will also aim to provide a neutral platform that will channel a steady flow of diamonds under one roof, supported by state-of-the-art infrastructure and security systems.
The minister recalled that Angola has held four tenders in the past two years, and collected in the June 2021 auction a volume of more than USD 45 million .
“The diamond sub-sector has excellent potential and has been crucial in attracting foreign direct investment to the country,” he stressed, noting that in 2021 Angola’s diamond production reached 8.7 million of carats.
Diamantino Azevedo guaranteed: “the pandemic will not be able to condition the diamond production plan, therefore the technological and human conditions will be created, to reach the forecast of 10.2 million carats this year”.
The Angolan official, who was speaking at Dubai Diamond Conference, explained that Angola intends to increase the holding of tenders, that is why a selection process for international bidders is underway of conclusion.
As a result, the Minister of Mineral Resources, Petroleum and Gas stressed that Angola will have more regular offers, given that the market has been tested in the last two years, the objective being to increase the frequency and volume.
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“All rough diamonds will be able to undergo a boiling process, which will be carried out at the premises of the Bourse,” he added.
The Dubai Diamond Conference kicked off last Monday, bringing operators from the global diamond industry to the United Arab Emirates.
Angola is represented at this international event by Minister Diamantino Azevedo, and by a delegation that includes companies in the sector, namely Endiama, Catoca and Sodiam.