The multimillion-dollar investment is aimed at modernising Angola’s diamond manufacturing sector, creating jobs, and imparting knowledge and expertise to locals.
Angola’s Minister of Mineral Resources and Petroleum Diamantino Azevedo
Lamp lighting ceremony at the inauguration of KGK’s latest facility in Angola
A diamond polisher at KGK Angola
Gemstone and jewellery conglomerate KGK Group has bolstered its footprint in Africa with the establishment of a state-of-the-art diamond manufacturing facility in Angola.
KGK has global manufacturing operations across India, Russia, South Africa, Botswana and Namibia.
Sandeep Kothari, managing director at KGK, said the group is investing US$25 million in its Angolan operations to manufacture 8,000 carats of rough diamonds per month and initially create more than 200 jobs.
The group is also providing its local team with top-notch industry knowledge and expertise through trainings, thereby elevating their diamond-manufacturing know-how.
Kothari said KGK's latest initiative is aligned with the Angolan government's progressive vision, noting that the diamantaire's job-generating investment could add value to the regional economy.
“We aim to bring with us the required knowledge base and skills set to set up the manufacturing facility. Training the Angolan workforce and making it self-sustainable are among our other objectives. We intend to craft an ecosystem that promises growth of the diamond industry at large,” he remarked.
Minister of Mineral Resources and Petroleum Diamantino Azevedo inaugurated the facility, where Angolan national diamond trading company Sodiam EP also has a stake.
Speaking at the inauguration, Azevedo commented, “Angola is extremely rich in mining resources. With great economic potential, the region is the third-largest producer of diamonds and has one of the largest and most diversified mining reserves in Africa. The ministry is working closely with efficient enterprises to increase investments and generate jobs in the country, particularly in Angola.”
According to KGK, the new factory is equipped with ultra-modern diamond manufacturing technology.
The foundation of KGK Group was laid in 1905 with the trading of gemstones. Since then, it has followed a path of natural progression, attaining multidimensional growth across 18 countries and achieving a vertically integrated standing of mines-to-brands in the gem and jewellery industry.
It established its diamond processing operations in 1986 and entered jewellery production in 1996. Today, it manufactures jewellery in Mumbai, Hong Kong and Thailand. In 2004, it launched its fine jewellery brand Entice by KGK Group in Hong Kong. The brand currently has four standalone boutiques in Hong Kong and India. Headquartered in Hong Kong, KGK Group employs over 12,000 people and has a presence in Asia, the Americas, Europe, Africa and Australia.