Angola’s National Diamond Trading Company (Sodiam) raised around US$25.8 million at its 16th rough diamond auction, 22.97% above expectations, the institution announced on Wednesday (4).
According to a company statement, 74 special rough diamonds were auctioned, produced by various mining companies, including Furi, Somiluana, Cuilo Kwennda, Lulo, Kaixepa, Chitotolo, Mussende, Catoca, and Luele.
In total, 2,560.17 carats were sold, with bids submitted electronically via the online platform used for this type of auction, following evaluation sessions held between February 23 and March 4 at its facilities in Luanda.
Forty-two companies participated in the auction, out of the 423 registered, representing some of the world’s leading gemstone trading centers and markets.
According to Sodiam’s executive director, José Silva, representing the chairman of the board of directors, “the market showed a positive trend in terms of prices,” reflecting “an improvement in demand for certain categories of rough diamonds.”
The participating mining companies were satisfied with the result and the market’s performance, adding that Sodiam will continue to regularly promote this type of auction to keep pace with the upward trend in prices in the sector.
During the final minutes of the bidding process, there was a momentary congestion in access to the electronic platform due to the high number of buyers, according to the statement.
Sodiam, founded in 1999, is the state-owned company responsible for marketing and exporting all of Angola’s diamond production from 27 kimberlite and alluvial mining operations.
Source: Lusa
