Sodiam raises USD 22.3mn in diamond auction

Oct 17, 2023

Angola’s National Diamond Trading Company (Sodiam E. P) said it raised 22.3 million US dollars during the holding of its 7th  rough diamond auction, with 1,329,89 carats of diamonds being auctioned, Angop has learnt.

The diamond auction, whose evaluation sessions took place from October 3 to 10 included bids submitted until October 1, a statement of the company said.

Eugénio Bravo da Rosa, Sodiam CEO, said it was possible to raise more than the producers expected, which shows that there is an acceptable demand on the international market for certain categories of stone.

A wide range of special stones were auctioned, with one from the Somiluana Mining Company sold at roughly 1.53 million US dollars, seven from the Lulo Mining Company worth 15.7 million US dollars, 18 from the Kaixepa Mining Company worth 2.04 million, seven from the Catoca Mining Company worth 2.07 million and three (3) from the Luele Mining Company which obtained 966,9 US dollars.

At least 37 companies from the world’s main diamond markets took part in the auction. In the current auction format, for the purchase of diamonds, the participating companies submit their bids remotely, in a closed model, on the online electronic platform from the website, a model that creates greater transparency and competitiveness in the marketing process, within the guidelines of Presidential Decree 175/18 of July 27.

Founded in 1999, Sodiam E.P. is the state-owned company responsible for commercializing Angola’s diamond production. The diamonds marketed by Sodiam E.P came from eighteen kimberlitic and alluvial productions and cover the entire spectrum of qualities, in terms of sizes, models, purity and colours.

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