Angola to amend diamond sector laws to attract investment, says President

President João Lourenço of Angola says
Angola will soon make changes to how its secretive diamond industry works to
attract more investment, increase production and secure higher government
revenue.

Lourenço made the announcement when he
visited Antwerp, Belgium on Wednesday.

Africa’s second-largest crude producer is
trying to open up and diversify its economy after suffering a dramatic
slowdown, due to lower oil prices.

“We recognise that the policies for this
sector established by us, do not best serve the interests of the country, nor
of the producers.

“We will soon announce the new framework
for the diamond industry and we believe that with this, the big diamond mining
companies will return to Angola,” Lourenço said.

He did not give any detail about the
changes or when they would be implemented.

The president, who took over in September,
2017 after 38 years of rule by his predecessor Jose Eduardo dos Santos, said he
wants to increase the flow of Angolan diamonds to Antwerp, a global trading
centre also known for increased transparency.

Angola is the world’s fifth-largest
producer of diamonds but miners have long complained that they are forced to
sell their stones below international prices to politically connected
middlemen, dragging on profits.

Much of the country remains under-explored,
due to 27 years of civil war and a closed, difficult business environment since
fighting ended in 2002.

Currently, Russia’s Alrosa is the only
major diamond miner producing in Angola.

Angola currently exports 70 per cent of its
diamonds to the United Arab Emirates.