Angola Doubled Diamond Export Revenue in 2000

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(Rapaport…November 7, 2001) The Angola Selling Corporation (ASCORP) generated over $60 million in informal sectors in 2000 compared to $30 million in 1999, according to the Pretoria-based Institute for Security Studies (ISS). Angola’s formal production in 2000 was 2.7 million carats valued at $367 million, and the informal sector produced 1.2 million carats valued at $371 million.

Last year, Angola and Congo set up state-controlled export monopolies in an attempt to increase revenue by making the governments partners in all buying and selling of the respective country’s diamonds so that the they would reap a bulk of the revenues from the sale of the rough. ASCORP — part owned by Wellox of Israel and Tais of Belgium — replaced six buying companies.

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