"Since the establishment of its first diamond-cutting and polishing factory a year ago, Angola’s state diamond entity plans to grow its diamond industry by investing in skills development, and through the establishment of more cutting and polishing facilities.
“Our aim is to explore, mine, cut and polish and trade in diamond jewellery,” states Sumbula.
As such, Endiama has made significant strides in establishing relationships and negotiating with Indian diamond cutting and polishing experts to up-skill its local labour.
However, indications are that the development of cutting and polishing factories in Angola will be an extremely expensive exercise.
Interestingly, Angola built its first cutting and polishing facility a year ago, but, owing to the high capital outlay, the country is keen to establish partnerships with Indian manufacturers and developing the required skills ahead of rolling-out more facilities."
LOM Price at posting:
32.0¢ Sentiment: Buy Disclosure: Held
