Diamonds ‘Not Promoted Enough’

Synthetic diamondsSaurimo: Diamonds are not being promoted well enough, and as a result people are not motivated to buy them, the chairman of Angolan state diamond company Endiama said last week.

Speaking in the Angolan city of Saurimo on October 6, Carlos Sumbula told a delegation of British members of parliament that diamond producers needed to unite to streamline promotional campaigns for precious stones “so that people feel motivated to buy,” Macauhub reported.

His comments came at a visit of UK lawmakers to Sociedade Mineira de Catoca, the operator of Angola’s largest diamond mine, which is 32.8 percent owned by Endiama. reported that the British parliamentarians visiting Catoca were “impressed” by the business and its working conditions.

Catoca recently revealed a 1 percent rise in sales to $602.9 million in 2014, which it said was a result of stable diamond prices during the year. Russian miner ALROSA holds 32.8 percent stake in the company.