Angola Extends Its Diamond Reach

RAPAPORT... Angola is looking to broaden its diamond operations, andhopes to create businesses across all points of the sector, including manufacturingand jewelry. The country recently inaugurated its third diamond-cuttingand production factory, Pedra Rubra, which will also manufacture jewelry forits five stores in Luanda. The facility, which cost $5 million to build, willprocess 5,000 carats of rough per month, the Ministry of Minerals and Oil saidMonday. Stone Polished Diamond opened in February, while Angola PolishedDiamond launched in 2015. "We want Angola to be across the entire diamond chain," saidPedra Rubra owner H?(C)lder Milagre. "The philosophy is to cut and producejewelry, this time selling finished pieces." The government has also recently opened the sector toprivate investment, in an effort to grow its industry. "We...are looking at the production, marketing and internalprocessing of diamonds," Diamantino Azevedo, minister of mineral resources andoil, explained on the ministry's Facebook page. "We are building a developmenthub in Lunda Sul, and it is our wish that companies wishing to invest in thediamond segment will bet on that, which, in principle, should be inauguratednext year." The ministry is also considering creating an Angolan diamondexchange, Azevedo noted. Image: Angola minister of minerals and oil Diamantino Azevedo. (Angola Ministry of Minerals and Oil/Facebook)