As the global economy finds its feet once again, the demand for precious stones is up and diamond prices are on the rise, stated the new head of the Angolan State owned diamond company, Endiama last week.

The newly appointed head said he will certainly welcome such a positive upswing after diamond prices fell by approximately 70% last year, causing some diamond companies to pull out of African mines altogether.

"The situation is improving and we hope it continues to get better," said Antonio Carlos Sumbula to journalists at a government ceremony to introduce Endiama’s new management board.

Today, Endiama is in charge of all the diamond concessions in Angola, with diamond mining one of the country's main economic pillars. The company holds stakes of up to 51% in 12 of Angola's 14 active diamond mines; while the country has 100 mines open for new concessions.

One of Endiama's goals under its new management is to begin producing diamonds on its own, without relying on join-ventures with foreign firms.

Aside from diamonds, the government also wants Endiama to start exploring for other precious minerals, such as gold.