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Angola H1 diamond revenue falls

05 june 2020

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Image credit: Endiama


Angola’s diamond revenue has dropped in the first half of the year, according to the governor of the National Bank of Angola, José de Lima Massano.
Weekly Mining Angola reports that the central bank head revealed this information recently while speaking to ministers during an economic council.
Although he didn’t provide figures and factors behind the fall in revenue, the diamond industry had been recording weak demand and sales across the globe.
Angola, which was this year expected to produce 10 million carats is set to reduce its diamond output target by 2 million carats due to limitations imposed as a result of the coronavirus pandemic.
Prior to the pandemic, Endiama was working on boosting its production to position itself as one of the top three largest diamond miners in the world. 
Angola earned about 1.3 billion from just over 9.44 million carats of diamonds sold in 2019.

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