Somiluana to increase diamond production
Sociedade Mineira do Somiluana, Angola expects to increase diamond production from seven to 12 thousand carats per month, starting this year, with a view to improving the levels of invoicing and tax contributions.
The information was provided by Somiluana’s deputy general manager for operations, Guilherme Raimundo, stressing that the company is making a partial investment of US$35 million for the acquisition of equipment, with a view to achieving the target later this year.
According to the official, with the viability of the market and the capital partially available for acquisitions, Somiluana intends to achieve excellence in production, raise the levels of tax contributions and improve the social and working conditions of workers.
He added that the diamond company is also committed to reducing operating costs and maximizing profits, taking into account that the projected investment has been carried out in stages, according to the possibilities of raising funds.
Available data indicate that, last year, the company’s sales dropped considerably by around 43 percent of those recorded in the previous year. Somiluana is a consortium owned by Endiama (39%), Trans-Hex Grupo (33%), Wenji Zakufuma and Caxinge (28%).
Located in the municipality of Lucapa, province of Lunda Norte, the company, with 762 workers, has a concession of 444 square meters, whose useful life is 20 years.
Offical Instagram account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of 💎Diamonds, 🔶Gems, 💍Jewellery & ⌚Luxury Industry
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.