Angola Diamond Sales Rise

RAPAPORT... Revenue from Angola's national diamond-trading company,Sodiam, rose 12% year on year in the third quarter amid an increase in theaverage price. Prices of Angola's diamonds have continued to increase sincethe implementation of the country's new, more competitive diamond-tradingpolicy last year, the government noted. The program allows miners to offer 60%of their production to clients of their choice. Proceeds for the three months ending September 30 came to $294.9million from the sale of 2.3 million carats of rough diamonds, compared with1.5 million carats during the same period a year ago. The average price climbed3% to $173 per carat, the government said in a Facebook post Tuesday.. Compared with the previous quarter, revenue increased 27%,with sales volume rising 53% as the company sold its April output from Catoca,which it held back in the second quarter. Catoca is the country's largestproducer, contributing nearly 80% of Angola's total output. Image: A rough diamond from Catoca mine. (Alrosa)