Several SODIAM employees were arrested and arraigned before court in Angola’s capital after they allegedly swapped diamonds in parcels already sold and ready to be dispatched to customers.
Sources in Luanda told Rough & Polished that the accused allegedly replaced expensive stones with cheaper ones.
Rough & Polished contacted SODIAM for a comment and it was yet to respond at the time of publication.
Angola had of late been revamping its diamond trading system.
It introduced new diamond sales modalities such as sale by contracts (sights), tenders and spot.
The diamond sales are conducted through the state diamond trader, SODIAM.
SODIAM revealed earlier this year that 12 purchase and sale contracts had been signed since last year, including four polishing factories.
The contracts 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
Exclusive
GJEPC will focus on demand generation for diamonds and jewellery in the next two years
Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...
13 july 2020
The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030
The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.
06 july 2020
Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide
The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...
29 june 2020
Those who implement the right anti-crisis strategies have more chances
It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...
22 june 2020
The secondary diamond market in Russia is not mature although its prospects are huge
Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...
15 june 2020
