Angola has struck a deal with Israeli billionaire Lev Leviev allowing him to by-pass the Angolan centralised diamond marketing agency
Angola has struck a deal with Israeli billionaire Lev Leviev allowing him to by-pass the Angolan centralised diamond marketing agency. A Bloomberg article speculates that this deal may allow Leviev to increase his diamond selling prices by up to 50% and mentions that Angola is looking to soften existing restrictions that currently deter exploration and development. We speculate that the Leviev deal potentially opens up possibility for other Angolan diamond companies to sell on the open market. Rough diamond prices are up 10% this year as global diamond market fundamentals continue to improve, including increasing demand from China - Chinese fiancées all of a sudden want big diamond engagement rings! The demand increase combined with limited new supply bodes well for rough diamond prices. This news is potentially positive for all diamond producers in Angola including our little favourite, Lucapa Diamonds (ASX:LOM). See the Bloomberg article here: (VIEW LINK)
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