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Angola diamond trading reforms bearing fruits – SODIAM

03 march 2020

The Angolan government’s introduction of a new diamond trading policy in 2018 is bearing positive results, according to the state diamond trader, SODIAM.
It said that revenue for the 2018-2019 period grew by 6.2%, to $1.29 billion compared to $1.22 billion realized during the 2017-2018 period.
“These figures mean an average growth of 8.5% each year,” said SODIAM.
The new diamond trading policy eliminated the figure of preferred customer and implemented new ways of selling diamonds. 

Image credit: DWilliams (Pixabay)

These new diamond sales modalities comprise the systems of sale by contracts (sights), tenders and spot. 
“The client application process has become dynamic and transparent, with the implementation of the online platform www.sodiamsales.com that allows the registration of customers directly,” it said. 
“The validation of applications takes place after a due diligence process is carried out in accordance with international compliance standards, to ensure that due checks of international requirements in terms of financial standing are made, and to prevent unlawful acts of money laundering and financing terrorism.”
Meanwhile, SODIAM said 12 purchase and sale contracts were signed since last year, including four polishing factories.
The licences were valid for two years and will remain in force until the end of the first half of 2021.

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