Angola: Over a million carats of diamonds in storage due to low prices – Endiama

Angola has more than a million carats of diamonds in storage, waiting for the market price to improve so that they can be put on the market, the chairman of the board of the Angolan National Diamond Company (Endiama) said on Wednesday.

José Ganga Júnior, quoted by Angolan news agency Angop, was speaking today in Dundo, the capital of the diamond province of Lunda Norte, at the opening of the three-day half-yearly diamond production review meeting.

According to the chairman of Endiama, the Angolan state diamond company, “in practice Angola has no buyers of this resource,” to regularly absorb the production levels of the last six months.

“The market situation is not very good at the moment, which is reflected in the companies’ operating costs. That’s why we have to find ways to survive, using the creativity that is required,” José Ganga Júnior emphasised.

He emphasised that Endiama is still undergoing a restructuring process, in all its aspects, in order to serve the country better and better supervise diamond companies.

According to José Ganga Júnior, the Angolan state diamond company also intends to move from a purely administrative business to a productive one, so that by 2024 Angola will have a geological-mining sector, particularly in the diamond chain, that is stronger and capable of giving strength to the national economy.

At the diamond production review meeting, diamond companies will present their production balance for the last five years, the operational situation for the first half of this year and an economic and financial analysis.

In the first half of this year, Angola earned 711.7 million dollars (651.8 million euros) from the export of almost 4.6 million carats of diamonds, representing a decrease of 2.8 per cent compared to the same period last year, and the production target for this year is 12.41 million carats.

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