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Angola On Track To Set $1 Billion Diamond Export Record

Untitled44Angola, the world’s fourth largest diamond producer by value, exported around $960 million of the gems between January and September, up from around $860 million in the same period a year ago, finance ministry data showed.

Angola sold 6.53 million carats of diamonds at an average price of $146.84 per carat in the first three quarters of this year, according to the ministry.

The southern African country is on track to beat its annual diamond exports record of $1.17 billion in 2013.

Diamonds are Angola’s second biggest export earner but are dwarfed by its crude oil business. Angola produces around 1.7 million barrels per day of oil, which is mostly exported to major consuming nations such as China.

Angola, which is still rebuilding its economy after a 27-year civil war ended in 2002, is looking to diversify its revenue streams after oil prices dropped by almost half in the last six months.

Source: Reuters.com

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