Angola Diamond Production 40 per cent below Forecasts
January 27, 21
(IDEX Online) - Angola's diamond production was reportedly down 40 per cent on its 2020 forecasts, from 10.5m carats to 7.5m carats.
Endiama, the state-owned diamond company, says it laid off staff and revised down its forecasts but kept its mines open during the pandemic.
It earned about $1.3bn in 2019 from the sale of 9.44m carats, according to Agência Angola Press. Revenue was down $400m in 2020 as a result of coronavirus.
Last May, Catoca (pictured), the world's fourth largest mine, said it was revising down its 2020 forecast by 80 per
Predictions before coronavirus were that Angola's production in 2022 would leap to 14m carats, which would have put it ahead of Canada as the third-biggest diamond-producer.