First Namibian Sight Supplies Historic Goods
October 30, 07
In what will be hailed as a historic event, De Beers made its first supply of locally mined diamonds to local manufacturers in Namibia Monday, when NDTC supplied six Sightholders with their goods.
Trau Bros, Finesse Diamonds, De Beers’ Namgem (operated by Lazare Kaplan), Lev Leviev’s LLD, Beny Steimetz’ Namcot and Hardstone Processing were the first to receive the rough diamonds at the one day Sight.
Trau Bros have received the very first NDTC box.
Another six companies are to receive a Sight starting March 31 of next year, when their manufacturing facilities will be ready to work.
The local supply is part of the drive for local beneficiation, where African producing countries keep some of their local goods to form downstream operations.
According to the agreement between De Beers and the Namibia, NDTC, a 50/50 partnership between the government and De Beers, will sell to local manufacturers about two million carats of rough diamonds worth $300 million annually.
Information about prices or the types of goods sold at the Sight was not available. The total value of the rough diamonds sold at the Sight is understood to be under $30 million.