Angola is set to host an international forum on the diamond industry. The initiative by the Ministry of Mineral Resources and Oil is for purposes of attracting direct foreign investments.
Minister Diamantino Azevedo will reportedly take part in the international conference to inform about the new governance model for the country’s mining sector and the impact of Covid-19 on the diamond subsector. The officials from the Geological Institute of Angola, the National Agency of Mineral Resources and the sector’s major companies will be in attendance.
According to media reports, the president of the board of directors of the National Diamond Enterprise, Ganga Junior, will be one of the keynote speakers at the forum, which will take place under the slogan ‘Leading the world of diamonds in the new era’.
Angola is one of the region’s major diamond producers, and it ranks fourth in terms of karats and fifth regarding value. Earlier on in the year, Sodiam, the Angolan state diamond marketing company, announced the opening of its online registration process to participate in its future competitive sales of rough diamonds. This was following through on Angolan president Joao Lourenço’s intention to fully reform the country’s diamond industry.
Last year, the country approved new diamond marketing laws, with Lucapa Diamond Co. holding the first international tender under the new diamond marketing policy at the end of January 2019, marking the beginning of a new era for the Angolan diamond mining industry. This latest piece of legislation, called another milestone of the new strategy set out by the Angolan Government, allows Angola-based diamond mining companies to directly sell up to 60% of their production, with Sodiam acting as the exclusive single channel for contract sales, competitive sales (i.e. tenders or auctions), and beneficiation manufacturing.
The third diamond cutting factory in Angola also opened in September las year. It has a capacity to process 5,000 carats per month and required an investment of US$5 million.