In response to a 37% decline in half-yearly diamond sales, Angola has taken to stockpiling more than one million carats while waiting for an upturn in diamond prices, according to a report in IDEX Online..
José Ganga Júnior, the Chairman of Endiama, the state-owned diamond company, acknowledged the current lack of buyers, and emphasized the necessity of employing creative strategies for survival in this challenging market environment. He indicated that the stockpile of one million carats would remain in storage until diamond prices started to rise.
Paulo Tanganha, the National Director of Mineral Resources, said that the diamond revenue generated by Angola in the first half of 2023 amounted to $594.17 million, marking a fall of 37% year-on-year. Total diamond sales in this period reached 2.93 million carats, with an average per-carat price of $202.61.
