Thursday , May 23 2024

Angola’s diamond industry makeover underway

The Angolan government aired out plans of refurbishing the diamond sector as being in progress.

Speaking at a conference on the re-organising of oil and gas, Diamantino Azevedo Angolan Minister of Mineral Resources and Oil stated that the diamond sector will undergo similar changes to the oil sector.

With the privatisation of state-owned companies and the creation of a regulatory entity, government has already begun the process of transforming state-owned diamond polishing company Endiama and diamond trading company Sodiam to become operators.

Endiama was founded on 15 January 1981 as the national concessionaire for diamond mining rights and Sodiam is focused on buying and selling Angolan diamond production.

“These two companies will be ‘floated’ with the possibility that one of them, whose identity has not been disclosed, ‘will be almost entirely privatised’,”said Azevedo.

Azevedo added that government had gained experience with the reform of the oil sector and is now going to focus on the diamond sector, which has already started with the new sales policy.

This is according to media reports.

Africa’s third largest diamond producer is firmly stirring privatization in order to achieve economic development.

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