Innovation and automation can conquer any challenges

Rahul Gaywala, the CEO of STPL has been with the Sahajanand Group since 1993 and in his tenure with STPL, he has proved to be a hard-core innovator and technocrat intent on helping to transform the diamond trade from a labour-intensive industry to an...

06 april 2020

Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

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