Leviev’s Angolan Polishing Plant Inaugurated

Israeli diamond tycoon Lev Leviev on Thursday inaugurated Angola’s first diamond polishing plant; a joint venture between Endiama, Leviev's LLD diamonds, and a local consortium.

Leviev, who has polishing operations in Israel, Russia and Namibia, announced plans to open the plant in April. At the time, his LLD factory in Botswana trained 40 Angolans in diamond cutting and polishing to serve as the ‘skeleton crew’ at the new Angolan factory.

Leviev opened the plant as part of a policy of working closely with African producing countries. In a speech to Israeli diamond dealers last year he said that the Angolans do not understand why they can’t sort or polish in their country. The statement was understood to be a swipe at De Beers.

These days, Southern African countries are fighting to decrease the level of diamond exports in favor of local manufacturing and jewelry making. While De Beers often argues that polishing in Africa is not as economical as in India or China, Leviev is taking an opposing position, and has already announced plans to open a polishing plant in South Africa that will nearly double the number of polishers in the country.

LLD owns a 47 percent stake of the new plant, Angola Polishing Diamond S.A. and Angola’s state diamond company Endiama holds a 48 percent stake. The remaining 5 percent is held by a local consortium.

At full production, the Luanda Sul district plant is designed to process about $20 million worth of diamonds a month and to employ 600 people.