Angola is set to hold its first diamond auction this month. The outcome of its first diamond auction will be given on Jan. 31
The sale of Seven gemstones from Angola’s Lulo mine is expected to end between Jan. 25 and Jan. 28.
Among the gemstones that will be sold this month is a 114-carat stone and a pink, 46-carat gem.
Lazare Kaplan International Inc., the KGK Group, Rosy Blue and the Diarough Group are among diamond manufacturing and distribution companies invited to the auction.
According to state-owned diamond trading company; Sodiam, the auction is part of efforts to increase transparency , attract investors and boost government revenue
Angolan President Joao Lourenco has been trying to open up and diversify Angola’s economy In order to shake off a slowdown that began with a drop in crude prices in mid-2014.
Eugenio Bravo da Rosa, head of the Luanda-based company, Lulo mine said Sodiam now plans to hold at least six diamond auctions a year to entice more investment in the industry.