SODIAM

Sociedade de Comercializacao de Diamantes de Angola, SARL
Company typeState-owned
IndustryDiamond trading
FoundedNovember 1999; 25 years ago (1999-11)
HeadquartersRua Rainha Ginga, Predio De Beers, No. 87, 7th Fl.,
Luanda
,
Angola
Key people
  • Eugene Pereira Bravo da Rosa (Chairman of the Board of Directors)
  • Fernando Amaral (Executive Administrator)
  • Jose Neves Goncalves Silva (Executive Administrator)
RevenueUS$1,626,644,590 (2021)
OwnerENDIAMA

The Sociedade de Comercialização de Diamantes (Abbreviated SODIAM), in English the Diamond Trading Society, is the national diamond trading company of Angola. It is owned in part by ENDIAMA and exists to bring diamonds produced both through ENDIAMA's partnered mines and by artisanal miners to national and international markets.[1]

History

SODIAM was founded in November 1999 as a subsidiary of the state-owned diamond mining company ENDIAMA for the purpose of regulating and certifying diamond sales and exports. During the Angolan Civil War, rebel groups such as the National Union for the Total Independence of Angola (UNITA) were in control of much of the countryside, including many of Angola's most valuable diamond mining areas. These rebel groups financed their war in large part by bartering diamonds mined from these territories in exchange for weapons. In response to attacks by UNITA on civilians and United Nations personnel, the United Nations Security Council placed sanctions on UNITA, which included an embargo on diamonds from the country except for those certified authentic by the recognized government in Luanda.[1][2][3]

To facilitate this, SODIAM created a subsidiary, the Angola Selling Corporation (ASCORP), which was 51% owned by SODIAM, with the other 49% held predominantly by Belgium-based Omega Diamonds and the international Lev Leviev Group, to serve as the single export channel for Angolan rough diamond production. All other diamond exporters had their licenses revoked. ASCORP's own license expired in 2004, with its role of marketing and exporting diamonds returning to SODIAM.[4][5][6]

In 2017, SODIAM divested its shares of Swiss jewelry chain De Grisogono "for reasons of public interest and legality." At the time, De Grisogono was, according to a 2020 report known as the Luanda Leaks by the International Consortium of Investigative Journalists, controlled by Sindika Dokolo, the husband of billionaire Isabel dos Santos, who was the daughter of former President José Eduardo dos Santos and the head of Sonangol prior to her removal from that position by President João Lourenço.[7][8] Isabel dos Santos had also been a shareholder in ASCORP,[4] and had reportedly been funneling diamonds out of Angola for her personal enrichment.[9] She is wanted by Angolan authorities for corruption and barred from entering the United States for the same reason.[10][11][12]

In 2023, SODIAM exported 9.9 million carats of rough diamonds.[13]

Operations

SODIAM is a complex operation with numerous subdivisions both nationally and internationally. These include:

See also

References

  1. ^ a b "Diamonds.net - Angola, 100 Years Later". www.diamonds.net. 2013-06-28. Archived from the original on 2024-08-02. Retrieved 2024-08-02.
  2. ^ James, W. Martin (2011). Historical Dictionary of Angola (2nd ed.). Scarecrow Press. p. 90. ISBN 9780810874589.
  3. ^ "Sanctions and Other Committees | Security Council". main.un.org. Archived from the original on 2024-08-02. Retrieved 2024-08-02.
  4. ^ a b "HSBC revelations shine light on secretive diamond world". The Irish Times. Archived from the original on 2024-08-02. Retrieved 2024-08-02.
  5. ^ eBizguides Angola: All you need to know to do business and have fun. 2008. p. 206. ISBN 9788493397883.
  6. ^ "Diamonds.net - Sodiam to Replace ASCORP". www.diamonds.net. 2003-08-13. Retrieved 2024-08-02.
  7. ^ "Angolan State-Owned Diamond Co. Backs Out of De Grisogono". nationaljeweler.com. Archived from the original on 2024-08-02. Retrieved 2024-08-02.
  8. ^ "Swiss Diamond Jeweler at Heart of Angolan Scandal Goes Bankrupt". Bloomberg.com. 2020-01-29. Archived from the original on 2024-08-02. Retrieved 2024-08-02.
  9. ^ "ANGOLA: Oil, Diamonds & One Family's Phenomenal Greed - The Elephant". 2017-03-10. Archived from the original on 2024-08-02. Retrieved 2024-08-02.
  10. ^ "Gestão da Sonangol: PGR mandou instaurar processo criminal contra Isabel dos Santos". ANGONOTÍCIAS. Archived from the original on 2020-01-21. Retrieved 2024-08-02.
  11. ^ "Isabel dos Santos Barred from U.S. for 'Significant Corruption'". FRONTLINE. Archived from the original on 2024-05-24. Retrieved 2024-08-02.
  12. ^ Osborne, Hilary; Barr, Caelainn (2020-01-19). "The diamond deal that rocked Angola". The Guardian. ISSN 0261-3077. Archived from the original on 2024-08-14. Retrieved 2024-08-02.
  13. ^ Arnoldi, Marleny (8 April 2024). "Sodiam to host online rough diamond tender on April 19". Mining Weekly. Archived from the original on 8 April 2024. Retrieved 2 August 2024.
  14. ^ a b c d "Operações – SODIAM, E.P – Sodiam" (in Brazilian Portuguese). Archived from the original on 2024-08-02. Retrieved 2024-08-02.
  15. ^ "Pólo de Desenvolvimento Diamantífero – Sodiam" (in Brazilian Portuguese). Archived from the original on 2024-08-02. Retrieved 2024-08-02.
  16. ^ grxnet.com. "Ministério dos Recursos Minerais, Petróleo e Gás - Notícias - CEFOLAD REALIZA CERIMÓNIA DE OUTORGA DE CERTIFICADOS". MIREMPET, Ministério dos Recursos Minerais, Petróleo e Gás (in Portuguese). Archived from the original on 2024-08-14. Retrieved 2024-08-02.
  17. ^ "Sodiam Antwerp BVBA - Company Profile and News". Bloomberg.com. Archived from the original on 2024-08-14. Retrieved 2024-08-02.