Africa-Press – Angola. Half of the world’s diamond deposits are in Africa. Angola, with significant reserves, is among the largest producers of the gemstone in the world.
Diamond exploration in Angola began in 1917, in a sector that has historically been an important source of financing for the economy, and which has been losing influence in recent years, especially in terms of reducing its contribution to the Gross Domestic Product. With an annual production of around 5 million carats of diamonds, the main explosion areas are located mainly in the provinces of Lunda-Norte and Lunda-Sul, in the northeast of Angola.
Angola was once in fourth place in terms of production worldwide and, today, represents around 5% of this market, occupying the 7th position in the Ranking, which is currently led by Russia.
In more than a century of exploration, three points are highlighted by renowned international experts, who highlight the fact that “Angola has a well-established industry, has been producing for a long time and has the potential to discover new deposits”, statement made by KenTainton, director of exploration by Anglo-Australian multinational Rio Tinto for Africa-Euroasia.The aforementioned official also stated that Angola is currently among the top 3 most attractive destinations for investors in the diamond sector.
In parallel with the arrival of new investors, the “Chiri” concession process is underway in Lunda Norte, which aims to start exploratory work related to mining in early 2022, in which the Angolan authorities recently signed an agreement for a mining investment contract. of prospecting, research and recognition of primary deposits of diamonds (kimberlites), between Endiama and the Anglo-Australian multinational Rio Tinto.
Diamond is composed of carbon and is formed at the base of the Earth’s crust, at least 150 kilometers deep. For it to be created, it must be in a stable environment, at very high temperatures. With movement within the earth, energy is released. The magma looks for an escape valve and takes advantage of geological faults to reach the surface. The diamond takes advantage of the magma output to reach the surface. Upon reaching the surface, the magma solidifies and forms so-called kimberlitic rocks. The primary diamond is embedded in these rocks. The Chiri project consists of a primary deposit, located in Lunda-Sul and is considered the third largest kimberlite to be explored in the country, surpassed only by the Luaxe and Catoca mines.
Regarding the market trend, it is expected that in the next decade the demand for this gemstone will grow significantly, mainly with the contribution of the main buyer markets, India, China and the United States of America. The US and China continue to be the largest diamond retail markets representing 50% of all world demand. The reason for this consumption is related not only to the purchasing power that Americans have that leads them to opt for the consumption of luxury goods, but above all to the triad – love, resistance and lasting value that this gemstone represents in American culture.
In relation to the supply of rough diamonds for jewelry and the industry, the market is expected to reach new performance records, with the recovery in which it demonstrated in the initial phase of the pandemic.
Although there are some threats that the world industry faces, such as the recent production of artificial diamonds or synthetic diamonds, which are now commercialized in large markets and the discovery of new diamond zones such as the Canadian mines with enormous potential for reserves, experts state that no change in the market price of real diamonds is expected. However, there has been a great effort by producing countries to allow the product to be defended on the market. Hence, diamond certification is a subject that is now at the top of the international agenda.
For More News And Analysis About Angola Follow Africa-Press
