Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

25 october 2021

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Endiama to sell 30% of its shares in IPO

10 february 2020

logo_endiama-2.pngAngolan state-owned diamond mining company Endiama is considering selling 30% of its shares in an initial public offering in 2022.
Company chairperson Jose Manuel Ganga Junior was quoted by Bloomberg as saying that the sale is part of Luanda’s move to improve transparency in the diamond sector and boost production.
“We are preparing Endiama for a public listing and we are currently assessing the company’s value,” he said. “The state will continue to have control the company even after the listing.”
Ganga Junior said he preferred to list in Luanda, Angola’s capital, but the company’s bankers advise would be considered.
Angola first announced its plans to privatise Endiama and partially float its capital on the stock exchange, last July.
Minister of Natural Resources and Oil Diamantino Azevedo was quoted by a Portuguese news agency, Lusa as saying then that a mineral resources agency is being set up to act as regulator and concessionaire and that Endiama, will no longer take on these roles.
Azevedo said the realignment of the mining sector follows that of the oil sector, which saw Sonangol sell its non-strategic assets.
Endiama was expected to earn about $1.5 billion in revenue last year compared with $1.25 billion realised from 8.47 million carats sold in 2018.
Endiama has a 41% interest in Catoca and has stakes in nine secondary alluvial projects, which included Chitolotolo, Chimbongo, Cambange, Cuango and Lulo.
Endiama, together with Russia’s Alrosa, are prospecting for diamonds at the Luaxe kimberlite project. 
The deposit was discovered in 2013 and it has reserves of about 350 million carats with a lifespan of 30 years.   
Meanwhile, Endiama allegedly lost about $300 million per year for the past decade by selling diamonds at below market prices.
Ganga Junior said the diamonds were bought by three companies, including one that was owned by Isabel Dos Santos, the daughter of former Angolan President dos Santos.
“Through our own evaluation, we were losing 30% to 40% of the value” of the gems, he said. “It won’t happen again.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished