Sodiam EP auction raises around US$ 13 mn

11th auction hammered and sold 1,493 carats of rough!

The Angolan National Diamond Trading Company, Sodiam EP, auctioned this October 16, Wednesday 44 special rough diamond stones produced by the Mining Companies of Somiluana, Lulo, Kaixepa, Tchegi, Chitotolo, Luele and Catoca.

The evaluation sessions took place from the 7th to the 15th of this month- October, at the Sodiam EP facilities in Luanda, and bids were submitted electronically on the online platform, October 16, 2024. The total net proceeds from the auction were US$12.9 million from the sale of 1,493 carats.

The proceeds raised from this auction are distributed as follows: Somiluana (872.5 Thousand USD), LULO (3 Million USD), Tchegi (1.4 Million USD), Kaixepa (2 Million USD), Catoca (2.6 Million USD) and Luele (2.94 Million USD).

A total of 37 companies participated in the auction, representing the world's main diamond markets and centers. 

It should be noted that the current auction format, within the scope of the guidelines of Presidential Decree 175/18 of 27 July, has gained greater confidence from buyers and Mining Companies, due to the transparency of the process.

According to the Chairman of the Board of Directors of Sodiam, Eugénio Bravo da Rosa, “this auction allowed us to assess that despite the unfavourable situation in the international market, with weak demand and high stock levels in the main markets, the price for certain categories of Angolan production proved to be somewhat satisfactory. 

According to the participating mining companies, the results of this eleventh auction provided some relief from the pressure on their current treasury management. At this stage, the different industry players will continue to work together to find measures to minimise the impacts of this negative phase in the market”.