Angola on a drive to improve diamond market infrastructure
Angola’s Mineral Resources and Petroleum Minister Dr Diamantino Pedro Azevedo has announced the country’s plans to develop industry-specific market infrastructure for improved diamond trade activity.
The country plans on establishing an Angolan Diamond Hub and an Angolan Diamond Bourse.
Angola has 14 diamond mining projects, with the largest being the Catoca mine, which produces 61% of the country’s mining output.
However, the Minister says only 40% of Angola’s kimberlite has been discovered, while experts also believe that there is high potential for finding further resources.
Azevedo says the main ambition of the diamond hub will be to provide a platform to put an enormous flow of diamonds under one roof.
Once established, the hub will comprise a gemmological academy, a technological research centre and will be embedded in a free trade zone.
In terms of trading and exports, Angola uses an arm of government called Sodiam to supervise the trading activity and how the diamonds are impacting the international market. In a new framework, the diamond bourse will fall under the supervision of Sodiam.
Angola has appointed industry expert Peter Meeus to help coordinate its improved diamond activities. Meeus has served as MD to Antwerp World Diamond Centre and as chairperson of the Dubai Diamond Exchange.
Azevedo says the range of services and infrastructure that the Angolan government plans to develop and offer to support diamond trade will see completion over the next two years.
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