Angola invites India to invest in diamond mining

Angola is the third largest producer of diamonds in Africa and has only explored 40 per cent of the diamond-rich territory within the country

Mumbai: African nation Angola has invited Indian companies to invest in diamond mining and processing, a statement said on Saturday. Angola is the third largest producer of diamonds in Africa and has only explored 40 per cent of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment.

“Angola is looking at foreign direct investment from Indian companies to help realise the mining country’s potential,” Pratibha Parkar, Indian Ambassador to Angola, was quoted in a statement by the Gems and Jewellery Export Promotion Council of India (GJEPC).

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Parkar further stated that the country wanted to shed its overdependence on oil exports and was keen on diversifying its export basket to other segments. Fernando Amaral of Sodiam (Angolan National Diamond Trading Company) stated that diamonds are an important source of avenue for Angola and its people, and with the new diamond policy modalities it would like to sell through sights, tenders and spots.

“The sight contracts will be only for two years. Angola is hoping to increase diamond production from about 9 million carats per year to 15 million carats by 2022. We invite Indian companies to invest in Angola and cut and polish diamonds locally,” he added.