|Will Angola become no. 1 diamond producer in the world?
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|Author:||Barbra Voltaire, FGG [ Wed Jan 26, 2022 2:09 pm ]|
|Post subject:||Will Angola become no. 1 diamond producer in the world?|
Will Angola become no. 1 diamond producer in the world?
Article by Paolo Minieri, published on IGR - Italian Gemological Review no.11 (Winter 2020-21)
A change in the leadership of the country, the privatization of the government controlled diamond industry, a stronger collaboration with the Russian giant miner ALROSA, the planned establishment of its own national Diamond Hub and Bourse, the discovery of diamond rough gemstones of exceptional size. Angola, currently the seventh world producer, unveils ambitious plans to boost the production of its diamonds, showing the world that the time when these gems financed the atrocities of the civil war is gone forever. And in the meanwhile under-priced exports have been stopped.
A cut to the past. Leadership in Angola is changing and its diamond industry as well
Those who are doubtful will have to change their minds. It is too early to evaluate to which degree Angolan expectations will be successful but the country is definitely changing its strategy and intends to make diamonds a pillar of its economic development, still based on heavy dependence (90%) on oil exportation. Diamonds in 2018 accounted for 3.3% of exports but if compared to depressed oil price they can count on a brighter future outlook as for profitability and potential...
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