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Namibia to Launch Independent Rough Diamond Sales
Agrees to 10-Year Supply Deal with De Beers
Jul 21, 2015 7:01 AM
By Avi Krawitz
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RAPAPORT... Namibia will soon start rough diamond sales, independent of De Beers, after the two parties agreed to a new 10-year supply deal.
Under the still-to-be-signed agreement, the government will be entitled to 15 percent of run-of-mine production recovered by Namdeb Holdings, the diamond mining joint-venture between Namibia and De Beers. Production from the country's land and marine operations rose 7 percent to 1.886 million carats in 2014 .
Further details of how the government will conduct its sales were not disclosed.
The pact will also allow De Beers to increase the volume of goods it makes available to Namibia-based manufacturers. Under the previous agreement, 10 percent of Namdeb's gem-quality production was supplied to the local industry. A spokesperson was unable to say what percentage will be supplied in the new deal but stressed that it will increase by a significant margin.
“We have a long and proud partnership with Namibia, going back more than two decades,” said Bruce Cleaver, De Beers executive head of strategy, who led the company's negotiating team. “This longer, 10-year sales agreement demonstrates De Beers continued commitment to ensuring that diamonds from Namibia continue to play a key role in the socio-economic development of the country.”
De Beers currently supplies rough to 11 sightholders that operate in Namibia.
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Tags:
Avi Krawitz, De Beers, diamonds, Namdeb, Namibia, Rapaport
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