KGK Opens Angola Cutting Factory

RAPAPORT... KGK Diamonds has become the fourth company to open acutting factory in Angola as part of a national project to boost localmanufacturing, the government said in a post on its Facebook page Monday. The Hong Kong-based sightholder launched the operationtwo months ago, with a formal ceremony taking place Monday in the presence ofDiamantino Azevedo, the minister of minerals, resources and petroleum. The company plans to produce around 5,000 carats permonth using rough supplied by Sodiam, Angola's state-owned trading company, KGKnoted. KGK will send the polished goods to its distribution centers for sale,the company added. "Our intention, in the medium term, is to cut 20% ofAngola's diamonds mined in the country - a difficult goal, but we will doeverything we can to meet it," Azevedo said, according to the Facebook post. Earlier this year, Stone Polished Diamond and PedrasRubras opened facilities in the country, while Angola Polished Diamondlaunched in 2015. A rough diamond being polished. (Shutterstock)