Ver Angola

Raw Materials

Ganga Júnior says the country has more than one million carats of diamonds in stock

Angola has more than one million carats of diamonds in stock that are waiting “for better circumstances” to be sold. The information was provided this Wednesday by José Ganga Júnior, Chairman of the Board of Directors (PCA) of Endiama, when he was speaking at the opening of the half-yearly balance sheet of diamond production by companies in Minas Gerais.

: Endiama

According to him, the current situation is not very good, taking into account what is happening "at the level of the different economies of the world": "The situation is not very good at the moment, because we all know what is happening at the level of the different economies of the world", he pointed out.

In the specific case of Angola, he added, "today, unfortunately, we can say that in practice we do not have diamond buyers to regularly absorb the production we have been obtaining."

"Today and at this moment we have a significant part of our production in stock. Why is this? Because we are often faced with prices that are offered to us that cannot even cover the costs", he said, adding: "Today we have much more than one million carats held there waiting for better circumstances so we can sell them".

Ganga Júnior highlighted that when this happens, "companies' lives suffer", with the need to "find ways to survive".

On this issue, Endiama's PCA presented some suggestions: "We really have to change costs, reduce, be bold in order to have greater productivity, greater profitability, be bolder in our management or else we have to (...) count with other people's money, particularly from banks".

In terms of international logistics, Ganga Júnior said that the companies that produce and supply the equipment and the "companies that navigate the cargo to arrive" also present difficulties, with there being no "machines in stock".

He also pointed out that the "costs resulting from inflation itself" make "life more and more expensive", adding that "that's exactly what we have to analyze here (...)".

In his intervention, he also highlighted that Endiama continues the "restructuring process in all aspects, in the sense" of being able to "serve the country better" and "monitor mining companies more".

Another of the objectives is related to the transition to production: "We also started production ourselves, and this year we have to have (...) diamonds produced by us internally and so that is what we are doing in order to in the next years we will have a stronger geological-mining sector, particularly in the diamond chain".

According to a note from Endiama, to which VerAngola had access, the meeting aims to "evaluate operation, discuss applied procedures, exchange experiences between the various diamond production companies" and will take place until next Friday, 1 of September.


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