UAE Businessmen Invest $200 Million in Angola’s Diamond Industry

A group of investors from the United Arab Emirates apparently has great expectations from the Angolan diamond industry, investing $200 million in diamond mining projects in the country.

Even though Angola is known for its harsh business environment, the UAE businessmen have invested considerable sums in mining projects over the past year, officials said.

Policies regarding rough diamond exports, particularly who will export the county’s diamonds, are constantly in flux. According to recent talk in the market, Israeli rough diamond dealer Dan Gertler is in the process of receiving the exclusive exporting rights of the formal mined diamonds, estimated at over $700 million.

Currently, state diamond marketing company SODIAM has full diamond export rights, doing so with the help of Sightholder Lazare Kaplan and, to a degree, with Lev Leviev. Beforehand, Leviev held a monopoly on Angolan rough diamond exports via Ascorp.

The Dubai Chamber of Commerce & Industry will host a seminar tomorrow (Monday) on business opportunities in Angola.