Angola Starts Selling Diamonds Direct to Consumers
November 16, 20
(IDEX Online) - Angola's state-owned diamond company is selling polished diamonds and jewelry direct to consumers with the opening of its first store in Luanda, the country's capital.
It's a partnership with India-based wholesaler KGK Diamonds, which opened a factory in there last November. The store is at the Hotel InterContinental Luanda Miramar.
Eugénio Bravo da Rosa, chairman of Sodiam's board of directors, said: "This is another investment that demonstrates Angola's commitment to the sharp development of its diamond sector value chain, which will be more successful with the more diamonds we are able to extract, cut and integrate them into the international jewelry industry."
Angola, the world's sixth biggest diamond producer, plans to open its own bourse early next year. It has yet to explore 60 per cent of its potential kimberlite reserves.
It has made repeated efforts to counter diamond smuggling and has faced ongoing allegations over "conflict diamonds".
Trading reforms in 2018 allowed 120 companies to buy stock that was previously available to just eight "preferential customers".