More diamonds for Diamond Trading Company withholders

SURAT: There is some good news for the Diamond Trading Company (DTC) sightholders. The Angolan government is planning to approve new diamonds concessions for the De Beers company in the mining of rough diamonds in Angola.
Angola, which is the world’s sixth-largest diamond producer by volume, plans in 2014 to increase production from 8.5 million to 9.5 million carats.
Sources said that De Beers, a majority shareholder of Anglo American group, mined for diamonds between 2005 and 2012 when it gave up its concessions due to a lack of results.The negotiations were underway between De Beers and Angolan state diamond company, Endiama, to re-launch diamond mining.
Russian company Alrosa, De Beers main competitor, already operates in the Catoca mine, in partnership with Endiama.
Industry sources said that more diamonds are expected to flow in the diamond pipeline, especially in India, following the Angolan government’s decision to allow concessions to De Beers.
Around 55 per cent of the De Beers’ clients across the world are Indians.