Started in 1905, KGK Group, a vertically integrated company headquartered in Hong Kong has announced that it will be expanding and launching a new diamond manufacturing in Angola expanding its footprint in Africa by committing to beneficiation.
This comes after its previous manufacturing unit that was set up in 2014 in Botswana and the fourth unit in Angola. The company has over 12,000 employees across 5 continents (Africa, Asia, Europe, Australia, and the Americas).
Following a slowdown of the economy due to lower oil prices, Africa’s second-largest crude oil producer has been trying to diversify its economy and the Diamond Industry has been high on its agenda.
Early this year, the Government of Angola raised 16.7 million dollars on auction that KGK was among the 30 companies invited to bid. This has seen the Government on the road to success by seeking to increase transparency, attracting more investment and boosting its revenue in the industry.
According to Kimberely Certification Scheme, Angola is the fifth largest producer of diamonds producing about 8% of the world’s diamond by value making it a booming industry for investment.
More to follow.