Gem-quality 46 carat pink diamond. Image supplied by Lucapa Diamond Company.

ASX-listed Lucapa Diamond Company, and its partners Empresa Nacional de Diamantes E.P. and Rosas & Petalas, have announced the new Angolan Government policy regarding the marketing of Angolan diamond production has been formally enacted.

The new laws are central to the new Angolan Government’s drive to double the country’s production by implementing more favourable investment and marketing policies designed to increase foreign investment in the sector and grow its contribution to the Government fiscus.

In line with that goal, Angolan President, His Excellency Joao Lourenco, last month issued a decree to launch new marketing policies for Angolan diamond production.

Lucapa and its Lulo partners have been advised that the decree had been formally gazetted, thus bringing Angola’s new marketing policies into law.

Lucapa MD Stephen Wetherall says the new marketing legislation represents a significant and positive step for the Angolan diamond sector.

“During a recent visit to the global trading centre of Antwerp, President Lourenco told the international media he recognised that Angola’s old diamond sector policies did not serve the interests of the country, or its producers, and that he would soon announce a new framework to change that,” he explains.

“The fact that President Lourenco and his Government have enacted the new marketing laws so expeditiously is further proof that the Angolan diamond sector is open for business.

“As a company which has operated successfully in Angola for a decade, Lucapa congratulates President Lourenco and his Government and we look forward to implementation of the new policy as the Lulo partners continue to develop the Lulo concession,” concludes Wetherall.