NAMIBIAN GOVT, DE BEERS GROUP SIGN LONG-AWAIITED DIAMOND MARKETING DEAL

The Namibian Government and the De Beers Group have signed a long-awaited diamond sales and marketing agreement which paves the way for an increased supply of rough Namibian diamonds to the local diamond processing industry.

This will be the first time in Namibia's history that Namdeb Holdings will supply diamonds of all sizes, shapes and quality to Namibia Diamond Trading Company (NDTC) customers, which will allow local diamond cutting and polishing factories to operate at full capacity.

The 10-year agreement for the sorting, valuing and sales of Namdeb Holdings' diamonds is the longest-ever signed by the two partners.

Namibia will also see a significant increase in rough diamonds made available for processing to the value of 430 million US dollars annually, said Mines and Energy Minister Obeth Kandjoze, who thanked De Beers for imparting its industry knowledge, expertise and experience.

"We are thankful for De Beers' role in the development of our diamond industry and the government affirms its commitment towards striving for growth and collective leadership in this strategic area of our economy," he added.

Kandjoze said that unleashing the value of Namibian diamonds would also contribute towards the achievement of the various pillars of the government's Harambee Prosperity Plan, a targeted action plan launched by President Hage Geingob earlier this year to accelerate development in defined priority areas to lay the basis for attaining prosperity in Namibia.

Meanwhile, De Beers' Chief Executive Officer Philippe Mellier said the agreement was aimed at positively impacting the lives of Namibians.

"We are very proud to be partners with one of the most politically stable and most aspiring nations on the African continent," Mellier said

Source: Nam News Network