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Israel, Angola to beef up diamond trade

18 March 2019


 

Israel and Angola are looking to boost diamond trade following critical changes in Angolan trading policies, the Israel Diamond Institute announced.

An economic delegation from Israel, including representatives of the Israel Diamond Exchange (IDE), recently concluded a visit to Angola where they met with local officials in the rough diamond sector. 

Initiated by the IDE, the visit was meant to take advantage of changes in Angola’s diamond marketing policy to increase direct rough diamond sales to Israel.

Angolan Minister of Mineral Resources and Petroleum Dr. Diamantino Azevedo was quoted as saying that his government is keen on promoting trade with new markets. The delegation also met with Eugenio Bravo da Rosa, chairman of local diamond trader Soldiam, who expressed willingness to hold a maiden rough diamond tender in Ramat Gan. 

The Israel diamond industry is a major importer of rough diamonds, larger stones in particular. In 2018, Israel imported close to US$3 billion worth of rough diamonds. To boost direct sales of rough diamonds to Israel, the IDE established the International Tender Center where diamond mining and trading companies hold tenders every year. This year, IDE also opened a centre for live diamond auctions.