Angola readies to launch diamond exchange in 2021

The government of Angola says it has identified key steps that it needs to take before launching its own diamond exchange in Luanda, which is slated to open by the end of 2021.

Mining and oil minister Diamantino Azevedo announced on November 2 that its office is focused on setting up a gemological academy and a technological research center within the same free-trade zone the Angolan Diamond Bourse (ADB) will be located.

Angola, the world’s 5th diamond producer by value and number 6 by volume, appointed in June, diamond expert Peter Meeus as an adviser. The former chief of HRD Antwerp, Europe’s leading authority in grading of diamonds, is assisting authorities with the creation of a diamond hub to streamline sales and marketing of the rough the country produces.

Azevedo says having trade center within the country will enable the entire flow and marketing of Angolan diamonds to be monitored through a single channel.

Changing industry

Angola’s diamond industry, which emerged a century ago under Portuguese colonial rule, is successfully being liberalized.

Last year, the country held its first public diamond auction and since then, producers no longer have to sell at below-market prices to a handful of buyers favored by the state.

The national diamond company, Endiama, recently revealed it was seeking international partners in an attempt to place Angola among the world’s top-three diamond producer and diversify the economy away from oil.

Angola expects to produce 8 million carats of diamonds this year, 2 million short of the original targets set by Endiama, because of disruptions caused by COVID-19.