Presidential Decree 163/16, of 29 August 2016, has adopted a new policy for the marketing of rough diamonds, which applies to both the industrial market and the artisanal market.
The system that has been in place since the early 2000’s – under which SODIAM has been acting as ‘sole marketing channel’ for the diamonds originating in mining projects at an industrial scale – was retained in the new Policy. No significant changes of the terms and conditions applicable to the marketing of diamonds from artisanal projects have been brought about. This recently-enacted statute details the requirements applicable to the entities aiming at becoming ‘sight-holders' (i.e. ‘preferential buyers’ in the industrial market) and to those intending to purchase diamonds from artisanal production.
The most noteworthy change introduced relates to the foreign exchange regime to which the proceeds of the (international) marketing of diamonds will henceforth be subject. Presidential Decree 163/16 expressly provides that the foreign currency generated in connection with the marketing of diamonds is to be transferred to the National Bank of Angola, which will in turn make the corresponding local currency available to the mining companies at their commercial banks.
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