Online Reporter
Angola plans to polish most of the diamonds it produces domestically by 2027 to boost revenue and create more jobs in the sector.
New polishing and cutting facilities are being built in hubs such as Saurimo, where most gems are mined, state-owned diamond company Endiama board member Laureano Receado said on Thursday.
“We are building capacity so that most of Angola’s production is polished in Angola,” Receado said in comments broadcast on state-run RNA radio station.
Angola, Africa’s second largest diamond producer, currently exports most of its rough stones to the United Arab Emirates and Belgium, according to Endiama.
The country’s output is forecast to reach at least 17 million carats a year by 2027 from about 14 million today, with new mines such as Luele expected to push production even higher, Receado said.
Angola holds an estimated 800 million carats in reserves, enough to sustain output for decades.
Top diamond producers across Africa are seeking to bolster the revenues they get from the gems to compensate for lower demand due to competition from lab-grown synthetic stones and weaker Chinese consumption. — Bloomberg
