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Angola’s H1 2019 Diamond Revenue Up 4% to US$ 601 Million Despite 4% Drop in Carats Sold

Aug 21, 2019

The government run diamond trading company of Angola, Sodiam announced last week that it earned US$ 601.4 million in the first six months of the year (H1 2019) from the sale of 4.1 million carats of rough. This represented a 4.2% drop in terms of volume as compared to H1 2018 but a 3.9% rise in revenue, officials of the Company said.

The drop in volume was largely on account of the fact that Sociedade Mineira do Catoca, the largest Angolan producer with an 80% share, did not complete any sale in Q2 2019 due to “operational reasons”, according to officials.

Secretary of State for Mines, Govt of Angola, Jânio Correia Victor told the media that the increase in revenues was due to the implementation of a new diamond trading policy, and the rise in prices of rough in the global market.

He also said that the country was planning to introduce tenders which would ensure greater transparency and attract national and international investors into the sector.

During Q2, Sodiam reported gross revenue of US$ 232.8 million through sale of 1.5 million carats of rough which yields an average price of US$ 155.3 per carat, it was reported. This represented a drop of US$ 135.8 million compared to Q1 2019 during which 2.647 million carats of diamonds were sold for gross revenue of US$ 368.66 million.

In Q2, alluvial mining accounted for recovery of just 165,289 carats while mining of kimberlite deposits accounted for 1.332 million carats.

Giving further details, a government official said that the Angolan province of Lunda Sul was the largest producer with an 89% share in Q2, while Lunda Norte accounted for 11%

In Q1, the Company sold 2.65 mn cts for revenue of US$ 368.66 million at an average carat price of US$ 139.26.

Angola produces about nine million carats of diamonds annually and government had announced a plan to increase this to about 14 million carats over the next few years.

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