Angola, the fourth-largest diamond producer in Africa, is seeking to boost its local diamond industry by putting an end to a ban on local sales of polished diamonds, Bloomberg reports.

A bill submitted to parliament by the Industry and Mines Ministry stipulates that domestic trade in polished diamonds would be "free subject to conditions and formalities which safeguard the market stability and safety of transactions."

The proposed legislation would give diamond manufacturers exclusive rights to conduct high-volume sales of polished diamonds, while local retail jewelry stores would be entitled sell gems polished domestically.

In addition, the legislation discusses investment in diamond projects, giving the Industry and Mines Ministry the authority to green light diamond projects up to $25 million, while projects costing more than that will be subject to approval from President Jose Eduardo dos Santos.