Angola on a diamond hoarding spree

Sep 02, 2023

The chairman of the Board of Directors of Endiama EP, José Ganga Júnior, revealed this that the country has more than one million carats of diamonds in stock awaiting an improvement in market prices for their sale.

The official made this revelation during the opening of the half-yearly balance sheet of diamond production, stressing that “in practice Angola has no buyers for this resource” to regularly absorb the production levels of the last six months. “The market situation is not very good at the moment, reflecting on companies’ operating costs. Therefore, we have to find ways to survive, using the necessary creativity”, he stressed.

He recommended companies in the sector to carry out operational costs boldly, so that they can have better results, greater profitability and to turn to banks to grant credit and overcome financial difficulties.  From an international point of view, he continued, the companies that produce and supply mining equipment and that carry out navigation are also out of stock to meet demand, conditioning some mining operations.

He said that inflation in the world’s economy has also been largely affecting the mining sector. On the other hand, he said that Endiama continues in a process of restructuring, in all aspects, with the aim of serving the country better and better monitoring diamond companies.

He made it known that Endiama’s other challenge is to move from a purely administrative company to a productive one, so that next year the country will have a geological-mining sector particularly in the diamond chain, the stronger it is capable of giving robustness to the national economy.

For three days, diamond companies will take stock of production over the last five years, present the operational situation for the first half of this year, as well as carry out an economic and financial analysis. The agenda includes human resources management, social responsibility programs and company constraints.

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