Pangea DiamondFields Says Angola Diamond Prices Moving Upward

Diamond producer and exploration company Pangea DiamondFields sold 2,813 carats of rough diamonds this past week in Luanda, Angola, the company announced Tuesday. The sold diamonds yielded an average price of $160 per carat before sales tax, marking what the company described as an “upward trend.”

That figure is approximately 89 percent of Pangea’s long term target price of $180 p/c. The target had been set by the company before the fall in the price of rough diamonds in 2009. The average price exceeds Pangea’s currently budgeted level of $140 p/c.

Pangea has eight diamond projects located in the Central African Republic, the Democratic Republic of Congo, South Africa and Angola.