Angola’s Diamond Auction Exceeds Expectations, Raising $15.5M from 17 Rough Stones
Angola generated $15.5 million from the auction of 17 special rough diamonds, surpassing expectations by 24.33%, according to a statement released Wednesday by the Angolan National Diamond Trading Company (Sodiam E.P.).
The diamonds were sourced from four mining operations: Lulo, Kaixepa, Chitotolo, and Luele. The combined weight of the stones totaled 865.19 carats, Sodiam reported.
The breakdown of the proceeds is as follows:
The Lulo mine raised $8.4 million
The Luele mine earned $6.2 million
The Kaixepa mine brought in $928,000
Two diamonds from the Chitotolo Mining Company were included in the auction but ultimately not sold.
According to Sodiam, the mining company chose, for the third time, to reject the offers it received, deeming them too low.
A total of 27 companies participated in the auction, held in late June, representing major global diamond trading centers and markets.
Sodiam’s chairman, Eugénio Bravo da Rosa, stated that the auction results reflect improving market conditions.
“The results obtained in this auction confirm the recent improvements in demand and pricing across the global diamond market, offering reassurance to national producers and mining companies,” he said.
Bravo da Rosa emphasized that Sodiam, along with other national diamond industry institutions, will continue to monitor market trends to optimize the sale of Angola’s diamonds.
“We remain committed to negotiating the best possible prices for our diamond resources,” he added.
