Angola Plans Trading Hub to Support Rough Sales

RAPAPORT... Angola plans to create a diamond hub and exchange to help streamline sales and marketing of the rough the country produces.The hub will include an Angolan Diamond Bourse (ADB), a gemological academy and a technological research center. It will be located within a free-trade zone, Angola's Ministry of Mineral Resources and Petroleum (MIREMPET) said Monday. Angola is one of the world's largest diamond producers, with total output of around 9.5 million carats in 2019. The government expects annual production to rise to 13.8 million carats by 2022, with estimates showing the country is home to a wealth of undiscovered kimberlites. Setting up a new trade center within the country will enable the entire flow and marketing of Angolan diamonds to be monitored through a single channel, MIREMPET maintained. The project is expected to be completed in the next two years. Angola has appointed longtime industry veteran Peter Meeus to coordinate the expansion program. Meeus has previously served as managing director of HRD Antwerp, and was chairman of the Dubai Diamond Exchange. He also works as a diamond consultant to the Central African Republic (CAR)."With [Meeus's] expertise, Angola is better positioned to further understand and serve the needs of the diamond trade and to create additional activities on a global scale," said MIREMPET minister Diamantino Azevedo.Image: A diamond appraiser evaluating a rough diamond. (Angola Ministry of Mineral Resources and Petroleum/Facebook)