Angola’s Sodiam Earns $21.7 Million from Diamond Auction as Sales Surpass Expectations by 23%
Angola’s National Diamond Trading Company (Sodiam) generated US$21.7 million from the sale of 35 special rough diamonds at an auction held in Luanda, exceeding the expected value by 23%, according to a company statement.
The auction featured 35 exceptional diamonds produced by the mining companies Luele, Catoca, Mussende, Lulo, Calonda, Cuilo, Kwenda, Kaixepa, Cuango, Somiluana and Mucuanza. Also included in the sale was a run-of-mine parcel, consisting of unselected rough diamond production.
In total, 6,586.89 carats were sold at an average price of approximately US$3,294 per carat.
Diamond evaluation sessions were conducted from 22 to 25 June at Sodiam’s headquarters in Luanda.
Of the 34 companies invited to participate, 27 attended, representing major diamond trading centres from around the world.
Commenting on the outcome, Sodiam Chairman Eugénio Bravo da Rosa described the auction as a positive success despite challenging market conditions.
“The overall result is positive, notwithstanding the current situation of the international diamond market, which continues to be characterised by weak demand and declining prices,” he said.
Sodiam is Angola’s state-owned diamond marketing company, established in November 1999 to oversee the commercialization of the country’s diamond production. Angola’s diamond industry includes 27 kimberlite and alluvial mining projects, making the country one of Africa’s leading diamond producers.
