SODIAM E.P., the Angolan National Diamond Trading Company, a state-owned organization in charge of controlling and supervising the purchase, sale, and export/import of diamonds in Angola, has appointed ‘The New Jeweller International Group’ as an advisor for investment promotion from diamond companies focused on expanding business in Angola.
Since the Angolan government announced its decision to open for Foreign Direct Investments [FDI] to set up cutting & polishing factories in the SAURIMO region, many leading companies from the sector have shown interest and have earmarked investments. Some have opened factories in the Saurimo region and have initiated operations in terms of cutting, polishing and procurement of rough diamonds.
The initiative by the Angolan government to open FDI for factories, places Angola as a “Preferred Investment Destination” in the global map.
Angola is rich in not only oil and petroleum resources, but diamonds, precious metals and energy transition mineral resources. The recent address by the Minister of Mineral Resources, Petroleum and Gas H.E. Dr. Diamantino Pedro Azevedo during the recently organized Mining INDABA in South Africa, clearly defined the strength of Angola as one of the topmost natural resource providers and would make Angola one of the most important investment destinations in the world.
SODIAM E.P., whilst being a state-owned company in charge of controlling and supervising the purchase, sale and export/import of diamonds in Angola, has also been entrusted to take forward the implementation of the New Diamond Trading Policy by allowing a more competitive view.
The “Saurimo Diamond Hub” is an initiative by the government of Angola to invite investors from the diamond sector to put up cutting and polishing factories that would not only increase demand for the rough diamonds mined in Angola, but also support the government mandate of localization and employment generation.
The Saurimo Diamond Hub has an area of more than 35,000 square meters with an infrastructure that comprises banks, dormitories, a professional and technical training institute, food court, convention center, training institute for cutting and polishing, beneficiation factories and plots of land for the implementation of more beneficiation factories.
State of the art cutting, polishing and procurement factories will make the Saurimo Diamond Hub an envious trading zone anywhere in the world.
SODIAM E.P has partnered with The New Jeweller International Group to advise investors from the international diamond community on the benefits of investing to set up factories in the Saurimo Diamond Hub.
The New Jeweller International Group is a private equity investment company with major interests in diamond and jewellery industry advisory services among other sectors. With offices and representations in Dubai, Singapore, Mumbai and other economies.
According to Dr. Eugenio Bravo da Rosa, Chairman – SODIAM E.P, ‘’We have chosen to partner with The New Jeweller International Group to advise all our potential diamond industry colleagues on the advantages and benefits that they would derive by opening up factories in the Saurimo Diamond Hub.
“The New Jeweller International Group enjoys an excellent equity among the diamond sector and our first phase interactions with the group through conferences, webinars and media activities has prompted us and ensured us that they would not only be our partner in growth but also an excellent and efficient response-oriented advisor to the Saurimo Diamond Hub. We wish them all the very best for a long-term association with SODIAM E.P”.
Dr. Eugenio Bravo da Rosa
SODIAM plans to build 19 new factories within the SAURIMO DIAMOND HUB between 2023 – 2025 and to achieve this target the Ministry of Mineral Resources, Petroleum & Gas has recently introduced new incentives to promote local beneficiation that includes:
- Introduction of a differentiated tax regime for the 20% cut exclusively sold to beneficiation manufacturers.
- 0.253% tax for the goods that are processed locally, out of the 20% run-of-mine cut exclusively sold to beneficiation manufacturers.
- 3.553% tax for the goods that are subsequently exported, out of the 20% run-of-mine cut exclusively sold to beneficiation manufacturers.
- 8.553% tax on the remaining 80% of the run-of-mine production available for export to international customers. Local manufacturers will be subject to the above-mentioned 0.253% and 3.553% tax rates when processing some of the remaining 80% of the run-of-mine production in Angola.