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Catoca diamond price drops by 14%

The diamond price of the Catoca Mining Society (SMC) registered a drop of around 14% in the last two sale sessions, carried out this year.

The prices of diamond from Catoca are associated with the behaviour defined by the international companies De Beers (South Africa) and Alrosa (Russia) in their commercialization. At this moment, Alrosa is a shareholder in the Catoca mine, responsible for extracting 75% of Angola´s diamond. Speaking to the press on the sidelines of the “Mining Business” forum, the director general of Mining society, Benedito Manuel, informed that, at the moment, in terms of price, there has been a drop in the last three weeks.

Catoca diamond mine

“We are monitoring the market to see what will happen in the next sales that these players will make”, said Benedito Manuel, without advancing the established prices.

The Catoca diamond mine is the fourth largest diamond mine in the world, and is located in Angola. The mine is owned by a consortium of international mining interests, including Endiama (the state mining company of Angola) (32.8% ownership), Alrosa of Russia (32.8%), Odebrecht of Brazil (16.4%), and the Diamond Finance CY BV Group (16.8%). The mine is located on a kimberlite pipe.

The mine’s production is 35% gem quality, compared to a global average of 20%; the diamonds produced at Catoca have an average value of US$75–$100 per carat ($375–500/g). Estimated reserves are 60 million carats (12 tonnes).

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