Namibia Gives Up Open Market Diamond Sales
November 07, 02
The government of Namibia decided to not go ahead with a plan to implement a dormant section of the Diamond Act of 1999, which allows selling of Namibian diamonds on the open market. The current agreement with De Beers gives it exclusive exporting rights through Namdeb.
In July of this year, Namibia planed to implement two dormant sections of the Diamond Act of 1999. One section allows selling of Namibian diamonds on the open market and the other allows Namibians direct participation in the diamond business.
At the heart of the issue was Namibia’s desire to receive a greater share of diamond revenues, assuming perhaps that Namdeb is not evaluating the country’s rough at full price.