Angola Expects Diamond Output to Grow to $5 Billion

Endiama President, Manuel Arnaldo de Sousa Calado, called on Israeli diamond firms on Monday to come to Angola and help it rise from the ashes of civil war, telling the audience at a rough diamond seminar that the country has 1,000 kimberlite events and 100 alluvial projects under development.

As a result, Calado expects the country’s nearly $1 billion of diamond production to rise to $5 billion within 5 years.

Admitting the country has many problems he called on Israelis to invest in the country and join the likes of Lev Leviev in helping to reach that goal, saying that investments in people and economic investments are needed.

Angola is now in the market for partners and so far has found 34 firms from eight countries with Leviev being the most prominent.

Listing the companies that have experience in Angola with which Israelis can consult, Calado named Leviev, Alrosa, Trans Hex and BHP Billiton, but skipped De Beers, a company with many years experience in the country that withdrew a few years ago over marketing disputes.

De Beers wanted to retain exclusive rights to the marketing of the rough, but the country changed the law allowing Leviev to enter that arena.

It seems now that Angola is unhappy with De Beers, saying Angola’s well being needs to be ensured through local production and manufacturing that will leave some of the diamond wealth in the country.

To help advance the local industry next year a polishing plant will open with the help of Leviev, and an investment bank to back the diamond industry will also start working next year, he said.

On Wednesday (July 14), daughter company SODIAM will open a rough selling office in Israel in a venture with the Leviev Group.

The country also plans to set up a company to provide logistic support to diamond companies.

Eager for help in developing the country, Calado took advantage of the opportunity to call for investments in infrastructure as well.