Did You Know This: Angolan diamonds sales worth US$661 Mi in revenues in the 1st half of 2014

The sale of diamonds mined in Angola rose by 18 percent year on year in the first half of 2014 to US$661 million, at an average price of US$155 per carat, the chief executive of National Diamond Company of Angola (Endiama) said Saturday in Luanda.

Paul Nvika, who was summarising diamond sector activities at the Consultation Council of the Ministry of Geology and Mining, which ended Saturday, said that the state had collected around US$47 million in taxes on diamond sales.

In the same six-month period, diamond production totalled 4.26 million carats, which was an increase of 4 percent over the first half of last year.

The Endiama CEO said that seven projects, notably Catoca, Cuango and Chitotolo, contributed to the increase in diamond production and added that the United Arab Emirates, Hong Kong and Israel were the main destinations for Angola’s diamonds.

Endiama over the next few years plans to increase diamond production, make investments and raise necessary funding for the implementation of mining projects in its portfolio, while the company will partner investor groups with technical and financial capacity for new diamond projects. (mahb)