China Demand For Diamonds to Support Angloan Miners

Bloomberg reported an expected increased demand for diamonds from China will keep miners in Angola in business in 2012.

As quoted in the market news:

The southern African country’s diamond production dropped to 8.32 million carats in 2011 from 8.36 million carats in the previous year, according to an e-mailed report from Endiama.

The company’s revenue from diamond sales rose to $1.16 billion from $987 million, bolstered by an 18 percent rise in the average price of the gems to $139.6 per carat from $118.1 per carat, the report showed.

Click here to read the full Bloomberg report.