New Namdeb Contract to Increase Local Beneficiation
June 23, 15
(IDEX Online News) – The Namibian government and De Beers have agreed in principle to introduce changes in a proposed new contract for the Namdeb Diamond Corporation that will include increased local beneficiation and an alternative diamond market to sell its gems, reported The Namibian.
The government reportedly wants 25-30 percent of the diamond produced by Namdeb to remain in the country for the beneficiation of local cutting and polishing companies, up from the current 10 percent.
According to The Namibian, the government also requested that the entire range of special stones (qualities, classes, sizes) be freely available for sale and manufacturing in Namibia.
The government also wants to find other markets in which to sell its goods outside of its agreement with De Beers.
"We are a little bit wiser than we were then 10 to 20 years ago," Information Minister Tjekero Tweya told a news conference.
He also said that the new terms would make the local market more viable and ensure greater job creation for young Namibians.
The paper also reported rumors that Namdeb managing director Inge Zaamwani-Kamwi is set to leave the company to become an advisor to President Hage Geingob.
Zaamwani-Kamwi has been at the helm of Namdeb for 15 years and is due to retire in three years.
Namdeb is a 50-50 joint venture between the government of Namibia and De Beers.