Angola exports $3.1 million worth of diamonds to UAE

The state company Angola Polishing Diamonds exported 4,462 carats of cut diamonds to the United Arab Emirates last June, costing around $3.1 million and an average price of $694.5 per carat, according to the Ministry of Geology and Mines in Luanda.

Eight of the twelve operational mines in Angola produced diamonds amounting to753,000 carats in June this year, with a value of $75.35 million, an average of $100 per carat.

Catoca mine accounted for 620,500 carats, followed by Camatue (41,200 carats), Cuango (39,700), Chitotolo (20,000), Calonda (12,800) and Somiluana (9,000). Luo and Lulo contributed 8,700 and 808, respectively.

In June production levels increased by 2.28% and sales increased by 5.35%, compared with the month before, according to the Ministry.

In May 736,700 carats worth $74.9 million were produced with an average price of $101 per carat, a production increase of 2.23% and an increase of 0.51% in value.

Production levels at Catoca mine increased by 0.82%, year-on-year, contributing to the overall rise in diamond production levels.

Tax and royalties paid by diamond companies in Angola have bought in $5.6 million, year on year.

Diamonds, along with oil, have been Angola’s most important resource and export, accounting for 60% of its economy. The country currently ranks in the worldwide top ten countries for diamond production.