ANGOLA CANCELS ROUGH-BUYING CONTRACTS OVER HIGH DEMAND
Angola’s national diamond trading company Sodiam has announced the suspension of “proposals to buy rough diamonds because the demand is higher than the supply”, according to a report in Macauhub news service, quoted by IDEX Online.
The report adds that Sodiam said that it has “halted the submission of bids for its rough” and has “finalized purchasing agreements and sale contracts for diamonds mined by the company in the country for the coming two years”. Starting September, rough diamond auctions will still be open for companies that are interested in puchasing rough.
According to the report, Sodiam sold 1.5 million carats at an average price of $155.3 per carat between April and June, raking in gross revenues of $232.8 million. In the first quarter of 2019, Sodiam grossed revenues of $368.6 million from the sale of 2.647.000 carats of diamonds.