NDTC to Sell $300+ Million in Rough

The DTC/Namibian joint venture Namibian Diamond Trading Company (NDTC), will sell to local manufacturers two million carats of rough diamonds worth N$2.1 billion (US$306.73 million) annually, according to the Namibian press.

The 50/50 partnership was formed to provide locally mined goods to polishing plants in the country. The government’s goal in this venture is to further benefit from its natural riches by creating more jobs and generate greater income from polish diamond exports.

Local supplies to companies that have already applied and received local polishing licenses are expected to start early next year.

In an interview with New Era, DTC managing director Varda Shine said that the DTC will assist in the selection of clients. “We need to make sure that these clients can really add value to the diamonds and not simply export these as we have seen in other producing countries in the past," said Shine.

Shine is a member of the NDTC board, which will select clients.