Forty companies have registered for the first rough diamond auction to be held in Angola. The auction is an initiative intended to strengthen commitment to innovation and transparency in the diamond industry.
Angolan Minister of Mineral Resources and Oil, Diamantino Azevedo said that for the companies competing in the first auction, seven diamonds of exceptional quality will be offered for sale. Among these, 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. This, he says, will put an end to the monopoly of preferred customers.
Azevedo, speaking earlier on in the week at a ceremony to launch the auction, said that the challenge for economic diversification is to boost the mining sector. This, he said, will be mainly achieved through the stimulation of the implementation of macroeconomic policies. This, he added, is while taking into account the country’s considerable mining potential.
Of the seven diamonds up for auction, the main showstoppers are said to weigh 114 carats and a pink 46-carat diamond, from Sociedade Mineira do Lulo. This is according to local press. The auction follows a schedule established by the organization. The registration was set for between 28 and 29 January. Moreover, the bidding will take place from the 30 January to 31 January. On the same day the announcements will begin and may extend up to 1 February.
Angola’s diamond sector produced 9.4m carats of diamonds in 2018. These provided a turnover of US $1.2Bn, with a forecast of 9.5m carats for 2019 and turnover of US $1.3Bn.