SODIAM to develop a diamond bourse in Angola

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SODIAM to develop a diamond bourse in Angola

SODIAM, Angola’s State-Owned Diamond Company is set to develop a diamond bourse in the country’s capital Luanda. The company revealed the plans and said they have selected Dubai-based Trans Atlantic Gem Sales (TAGS) to manage its diamond tenders, while the country has embarked on a process to reform its mining industry.

SODIAM also announced that it has chosen the Company “First Element” to carry out diamond cleaning by boiling, after a prolonged selection process beginning May 2021 in which several bidders took part. Well known as a diamond mining and exporting country with sales ranging from US$1.1 billion to US$ 1.3 billion annually, Angola situated along the Atlantic coast of Southern Africa, is planning to convert the diamond producing country into a global diamond trading centre. In view of this, the country is aiming to build a diamond bourse in the Capital Luanda and is also expanding its tender business.

Transparency

“The bidding process reinforces Angola’s and Sodiam’s commitment to transparency in the scope of the ongoing reforms in the diamond subsector,” said Chairman of SODIAM’s Board of Directors, Eugénio Bravo da Rosa.

SODIAM further stated that Tenders and Boiling are important services for the future Angolan Diamond Exchange. In this connection, SODIAM said It received a number of applications from candidates in Angola as well as in South Africa, Belgium, the United Arab Emirates, the US and Israel.

TAGS, which has held many rough tenders on behalf of SODIAM, in the Dubai Diamond Exchange (DDE), said its experience would “assure the successful establishment of a world-class facility in Angola, and provide the Angolan government with the opportunity to develop a global customer base.”

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