Africa Mining: Angola first diamond auction with 40 companies registered so far

Fourty companies have already registered for the first rough diamond auction to be held in Angola, an initiative intended to strengthen commitment to innovation and transparency in the diamond industry, said the Angolan Minister of Mineral Resources and Oil, Diamantino Azevedo.

Among the companies competing in the first auction, in which seven diamonds of exceptional quality will be offered for sale, six are Angolan and will join foreign companies at the launch of the new diamond marketing policy approved by the Council of Ministers on 27 July, 2018, which puts an end to the monopoly of preferred customers.

Azevedo, speaking on Monday at a ceremony to launch the auction, said that the challenge for economic diversification is to boost the mining sector by stimulating the implementation of macroeconomic policies, taking into account the country’s considerable mining potential.

Of the seven diamonds up for auction the highlights are one weighing 114 carats and a pink 46-carat diamond, from Sociedade Mineira do Lulo, according to the Angop news agency.

The auction follows a schedule established by the organisation, and on 28 and 29 January companies are scheduled to register, on the 30 January bidding will begin, and will close on 31 January, the same day that announcements begin, which may extend up to 1 February.

Angola’s diamond sector produced 9.4 million carats of diamonds in 2018, which provided turnover of US$ 1.2 billion, with a forecast of 9.5 million carats for 2019 and turnover of US$1.3 billion. (source: macauhub)