Thursday, March 17, 2011

Angolan Diamond Production at 8.55 Million Carats Last Year

Angola produced 8.55 million carats of diamonds last year, Endiama EP, the country’s state-run gem company, said.

Preliminary estimates show that Angola earned $956 million from the sale of gems at an average price of $111.74 per carat, the Luanda-based company said in an e-mailed statement today.

The southern African nation was the world’s fourth-largest diamond producer by value in 2009, according to the Kimberley Process, the global body that monitors sales of so-called conflict diamonds. Endiama holds stakes in all diamond mines in Angola.

The company has “practically shut down” its operating unit, known as Endiama P&P, after its debt increased, said a company official who declined to be identified because he isn’t authorized to speak to the media.

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