The Diamond Exchange of Angola will begin experimental operations later this year to revitalize the diamond subsector market and support the diversification of the national economy, as announced on Wednesday in Luanda by the Chairman of the Board of Directors of Endiama, Ganga Júnior.
Despite the delay in completing the building that was supposed to house the Diamond Exchange, which was originally scheduled for December 2022, the manager, quoted by Angop, emphasized that the process for establishing this diamond market is progressing satisfactorily.
“The process for the Diamond Exchange is being conducted by the Ministry of Mineral Resources, Petroleum, and Gas, and we believe that it will start operating on an experimental basis sometime this year,” he reiterated.
The Chairman of the Board of Directors, speaking on the sidelines of the collective labor agreement signing between the employer and the union committee, reaffirmed the production target of 10 million carats for this year, with the company striving to meet the demand, although some companies have had no sales for three months.
This decline in sales is due to the reduced demand for diamonds, which has also led to a decrease in prices, a situation that varies depending on the nature of each firm.
Ganga Júnior added that some companies are in a better situation, with a 49 percent reduction in sales, while others experienced a 20 percent drop in the first half of 2023 compared to the same period in 2022.
The Diamond Exchange is made up of the state-owned companies Sodiam and Endiama, which are responsible for ensuring diamond transactions in the country, while the Ministry of Finance oversees and supervises the fiscal framework of the sector, audits accounts, collects taxes, and manages other fiscal revenues.
Under the new governance model, Sodiam represents the Angolan state in diamond marketing and ensures the optimization of the implementation of the new marketing policy, as well as the operation of the Diamond Exchange.
Established on January 15, 1981, Endiama is a national company dedicated to diamond prospecting, exploration, and marketing. It operates within the country as an operator and exclusive concessionaire in the management of the diamond subsector value chain.
