recovering in Angola
In an interview here with Bloomberg News, mines minister Mankenda Ambroise revealed that because of what he called ‘positive signs of demand,’ the country had re-opened ten of the mines that it had temporarily closed.
“We’re now selling more than US$70 million (R645 million) of gems a month,” Ambroise added. “That compares with monthly sales of about US$25 million (R230 million) at the beginning of the year, and almost no sales in March.”
Bloomberg News reports that Antwerp – the Belgian port city that handles half the world’s cut diamonds – reported a 33% drop in exports of polished gems in February. Diamond miners – including the world’s largest, De Beers – have cut output by temporarily shutting mines as the global financial crisis curbs gem demand.
“Angola will produce about 9 million carats this year – 7% less than in 2008 – because of the interruption to production,” Ambroise said. “With progress in sales, little by little, we will recover our financial equilibrium.”
Prices of VS2 G diamonds – a commonly traded gem – stand at US$3 690 for a one-carat stone, according to Antwerp-based PolishedPrices.com. They averaged US$4 886 over the last 12 months.
