Diamond revenues reach $1.6 billion

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Diamond revenues reach $1.6 billion
Diamond revenues reach $1.6 billion

Africa-Press – Angola. In the 2021 financial year, revenue from the sale of diamonds in the country reached a value of US$1.6 billion, according to the report by the Sociedade de Comercialização de Diamantes (SODIAM).

Compared to 2020, this value represented an increase in revenueof 60.6 percent, influenced by the increase in the average price of 39.2 percent, and by the increase in the volume of rough diamonds sold by 15.4 percent.

The average price was 182.16 Cts dollars and the total number of diamonds sold was 8,929,574 carats.

Taxes resulting from sales activity (royalty and advance industrial tax) totaled US$121.8 billion, corresponding to an increase of 60.5 percent when compared to the previous year.

Net income for the 2021 financial year reached US$29.8 billion, an increase of around 24 percent compared to the 2020 financial year.

Taxes collected by the State on account of Sodiam’s specific activity also increased by 34 percent, to US$14.4 billion, as a result of an increase in commercialized revenues.

This increase in net income, according to the document, is related to two factors.

The first is verified in the volumes sold, with emphasis on Lueles productions and the second is more relevant in the appreciation of the prices of rough diamonds on the international market, going from dollars to 130.90 carats in 2020 and in dollars per carat at 182.16.

The document adds that the analysis of the different financial ratios, namely solvency and liquidity, continue to show that Sodiam has a stable financial position.

As part of compliance with Presidential Order nº 36/19, of 25 March, the construction of the Saurimo Diamond Development Pole, in Lunda-Sul, whose main objective is to promote the activity of cutting and the creation of of work and added value.

Thus, with the inauguration of the contract last year, Sodiam fulfilled the financial execution using its own revenues.

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