A deal has been signed between the Leviev Group and Angola, which will allow the Group to sell diamonds mined at its Luminas mine in Angola, directly in the open market, rather than to specific traders in China and Dubai, reports suggest.

According to the deal, Leviev can increase the prices of its rough diamonds to the free market prices, which could amount to a 50 percent price hike. Rough diamonds mined in Angola are sold through Angola’s Sodiam state marketing unit, at a discount, which otherwise can gain more in the global markets, reports add.