Angola has more than a million carats of diamonds in storage, waiting for the market price to improve so that they can be put on the market, the chairman of the board of the Angolan National Diamond Company (Endiama) said on Wednesday.
José Ganga Júnior, was speaking in Dundo, the capital of the diamond province of Lunda Norte, at the opening of the three-day half-yearly diamond production review meeting.
According to the chairman of Endiama, the Angolan state diamond company, “in practice Angola has no buyers of this resource,” to regularly absorb the production levels of the last six months.
“The market situation is not very good at the moment, which is reflected in the companies’ operating costs. That’s why we have to find ways to survive, using the creativity that is required. In practice Angola has no buyers of this resource,"José Ganga Júnior emphasised.
Angola's diamond revenue for the first half of 2023 was $594.17m, a 37 per cent drop, according to the national director of mineral resources, Paulo Tanganha.Total sales were 2.93m carats, with an average per carat price of $202.61.
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