Angola’s Sodiam Generates $25.8 Million in Rough Diamond Auction, Surpassing Expectations
Angola’s National Diamond Trading Company, Sodiam, raised approximately $25.8 million in its 16th auction of special rough diamonds, exceeding initial expectations by 22.97%, the company announced.
According to a statement from Sodiam, the auction featured 74 special rough diamonds produced by several mining companies, including Furi, Somiluana, Cuilo Kwanza, Lulo, Kaixepa, Chitotolo, Mussende, Catoca, and Luele.
A total of 2,560.17 carats were sold during the auction. Bids were submitted electronically through Sodiam’s online auction platform after evaluation sessions held between February 23 and March 4 at the company’s headquarters in Luanda.
The auction attracted 42 participating companies from the 423 registered buyers, representing some of the world’s leading diamond trading centers.
José Silva, Sodiam’s executive director, speaking on behalf of the chairman of the board, said the auction reflected a positive market trend, with prices strengthening due to improved demand for certain categories of rough diamonds.
Mining companies involved in the sale also expressed satisfaction with the results and with the broader evolution of the diamond market.
Sodiam noted that it will continue organizing regular auctions to take advantage of the upward price momentum in the sector.
The company also reported a brief period of congestion on its electronic bidding platform during the final minutes of the auction, caused by the high volume of buyers attempting to access the system simultaneously.
Founded in 1999, Sodiam is Angola’s state-owned company responsible for the marketing and export of all diamonds produced in the country, sourced from 27 kimberlite and alluvial mining operations.
