Angola’s State diamond company, Sodiam, raised $12.9 million from the sale of 44 diamonds totaling 1,493 carats. The auction, held on October 16, featured stones from the Somiluana, Lulo, Kaixepa, Tchegi, Chitotolo, Luele, and Catoca mines, with participation from 37 international companies.
Bidding took place electronically after evaluation sessions from October 7 to 15 at Sodiam’s facilities. Despite challenging global market conditions, with weak demand and high stock levels, Sodiam’s chairman, Eugénio Bravo da Rosa, expressed satisfaction with the prices achieved for certain categories of Angolan diamonds.
He noted that the auction results would offer some relief to the financial pressure on mining companies, while industry stakeholders continue to seek ways to mitigate the effects of the current market downturn.
Sodiam is responsible for marketing diamonds produced in 18 kimberlite and alluvial mines across Angola.