Thursday, July 9, 2020
News

Angolan Diamond Hub, Angolan Diamond Bourse to Provide Platform to the Global Diamond Trade

Angolan Diamond BourseAngolan Diamond Hub, Angolan Diamond Bourse to Provide Platform to the Global Diamond Trade

Ho. Dr. Diamantino Pedro Azevedo, the Minister of Mineral resources and Petroleum of the Republic of Angola announced plans to develop its industry-specific market. He further announced the establishment of an Angolan Diamond Hub and an Angolan Diamond Bourse (ADB) aiming to optimize and widen its services to the global diamond trade and provide a platform to put the enormous flow of diamonds under one roof. A Gemmological Academy, a technological research center will be included in the Diamond hub and will be embedded in a Free trade Zone.

Angola has in total of 14 mining projects and Catoca mine being the largest, accounts for 61 % in value of the total Angolan output. Catoca, Chitotolo, Cuango, Camutwe, Somiluana, and Lulo combinedly represents 92% in value. According to several financial analysts, Angola could be the only exception to a global decline in rough production. According to the experts, there is a high potential for finding Kimberlite in this region. It is estimated that only 40 % of Angola’s Kimberlite has been discovered so far.

Angola’s future in diamond will be guided by some important principles including The Presidential Decree 175/18 of 27th July 2018 and a new presidential Decree 143/20 of 26th May 2020 referring to the importance of market operations through a single channel. Currently, Sodiam is the Angolan Government’s arm to supervise the trading activity and its impact on the international market. The new framework the Angolan diamond Bouse will come under the supervision of Sodiam.

Appointment of industry expert Peter Meeus as the coordinator of the expert group

Industry expert Peter Meeus, former Chairman of the Dubai Diamond Exchange has been appointed as the coordinator of the expert group. Hon. Dr. Diamantino Pedro Azevedo further explained, “ We are pleased to have an industry leader like Peter Meeus joining us with his wealth of experience. With his expertise Angola is better positioned to further understand and serve the needs of the diamond trade and to create additional activities on a global scale”.

Peter Meeus commented “ The wide range of services and infrastructure that the government of Angola plans to develop and offer to support the diamond trade will see completion over the next two years. Angola’s success in developing the industry has been evident over the past few years. I look forward to working with the Angolan Government and Sodiam to explore how the Angolan Diamond Bourse can further assist diamond companies worldwide in expanding their activities to the benefit of all, whilst also looking at global investment opportunities. The Industry is unique in its operation and calls for specialized focus”

 

Mines to Market
the authorMines to Market
Prashant Rathod

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.