SODIAM explained

Sociedade de Comercializacao de Diamantes de Angola, SARL
Type:State-owned
Industry:Diamond trading
Hq Location:Rua Rainha Ginga, Predio De Beers,No. 87, 7th Fl.
Hq Location City:Luanda
Hq Location Country:Angola
Revenue:US$1,626,644,590
Revenue Year:2021
Owner:ENDIAMA

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.[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, 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

Notes and References

  1. Web site: 2013-06-28 . Diamonds.net - Angola, 100 Years Later . 2024-08-02 . www.diamonds.net . 2024-08-02 . https://web.archive.org/web/20240802111742/https://www.diamonds.net/News/NewsItem.aspx?ArticleID=43603&ArticleTitle=Angola,+100+Years+Later . live .
  2. Book: James, W. Martin . Historical Dictionary of Angola . . 2011 . 9780810874589 . 2nd . 90.
  3. Web site: Sanctions and Other Committees Security Council . 2024-08-02 . main.un.org . 2024-08-02 . https://web.archive.org/web/20240802111740/https://main.un.org/securitycouncil/en/content/repertoire/sanctions-and-other-committees . live .
  4. Web site: HSBC revelations shine light on secretive diamond world . 2024-08-02 . The Irish Times . en . 2024-08-02 . https://web.archive.org/web/20240802111740/https://www.irishtimes.com/business/financial-services/hsbc-revelations-shine-light-on-secretive-diamond-world-1.2097146 . live .
  5. Book: eBizguides Angola: All you need to know to do business and have fun . 2008 . 9788493397883 . 206.
  6. Web site: 2003-08-13 . Diamonds.net - Sodiam to Replace ASCORP . 2024-08-02 . www.diamonds.net.
  7. Web site: Angolan State-Owned Diamond Co. Backs Out of De Grisogono . 2024-08-02 . nationaljeweler.com . en . 2024-08-02 . https://web.archive.org/web/20240802111740/https://nationaljeweler.com/articles/6240-angolan-state-owned-diamond-co-backs-out-of-de-grisogono . live .
  8. News: 2020-01-29 . Swiss Diamond Jeweler at Heart of Angolan Scandal Goes Bankrupt . 2024-08-02 . Bloomberg.com . en . 2024-08-02 . https://web.archive.org/web/20240802111740/https://www.bloomberg.com/news/articles/2020-01-29/geneva-jeweler-in-luanda-leaks-allegations-files-for-bankruptcy . live .
  9. Web site: 2017-03-10 . ANGOLA: Oil, Diamonds & One Family’s Phenomenal Greed - The Elephant . 2024-08-02 . en-US . 2024-08-02 . https://web.archive.org/web/20240802111742/https://www.theelephant.info/analysis/2017/03/10/angola-oil-diamonds-one-familys-phenomenal-greed/ . live .
  10. Web site: Gestão da Sonangol: PGR mandou instaurar processo criminal contra Isabel dos Santos . 2024-08-02 . ANGONOTÍCIAS . 2020-01-21 . https://web.archive.org/web/20200121135035/http://www.angonoticias.com/Artigos/item/62572/gestao-da-sonangol-pgr-mandou-instaurar-processo-criminal-contra-isabel-dos-santos . live .
  11. Web site: Isabel dos Santos Barred from U.S. for ‘Significant Corruption’ . 2024-08-02 . FRONTLINE . en-US . 2024-05-24 . https://web.archive.org/web/20240524114219/https://www.pbs.org/wgbh/frontline/article/luanda-leaks-isabel-dos-santos-barred-from-us/ . live .
  12. News: Osborne . Hilary . Barr . Caelainn . 2020-01-19 . The diamond deal that rocked Angola . 2024-08-02 . The Guardian . en-GB . 0261-3077 . 2024-08-14 . https://web.archive.org/web/20240814160847/https://www.theguardian.com/world/2020/jan/19/diamond-deal-that-rocked-angola-de-grisogono-luanda-leaks . live .
  13. News: Arnoldi . Marleny . 8 April 2024 . Sodiam to host online rough diamond tender on April 19 . 2 August 2024 . Mining Weekly . 8 April 2024 . https://web.archive.org/web/20240408170617/https://www.miningweekly.com/article/sodiam-to-host-online-rough-diamond-tender-on-april-19-2024-04-08 . live .
  14. Web site: Operações – SODIAM, E.P – Sodiam . 2024-08-02 . pt-BR . 2024-08-02 . https://web.archive.org/web/20240802111742/https://sodiam.co.ao/operacoes/ . live .
  15. Web site: Pólo de Desenvolvimento Diamantífero – Sodiam . 2024-08-02 . pt-BR . 2024-08-02 . https://web.archive.org/web/20240802111741/https://sodiam.co.ao/polo-de-desenvolvimento-diamantifero/ . live .
  16. Web site: grxnet.com . Ministério dos Recursos Minerais, Petróleo e Gás - Notícias - CEFOLAD REALIZA CERIMÓNIA DE OUTORGA DE CERTIFICADOS . 2024-08-02 . MIREMPET, Ministério dos Recursos Minerais, Petróleo e Gás . pt . 2024-08-14 . https://web.archive.org/web/20240814160939/https://mirempet.gov.ao/ao/noticias/cefolad-realiza-cerimonia-de-outorga-de-certificados/ . live .
  17. Web site: Sodiam Antwerp BVBA - Company Profile and News . 2024-08-02 . Bloomberg.com . en . 2024-08-14 . https://web.archive.org/web/20240814160939/https://www.bloomberg.com/profile/company/0463305D:BB . live .

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