Namibia and De Beers Agree on 10-Year Diamond Sales Contract
July 21, 15
(IDEX Online News) – The government of the Republic of Namibia and De Beers today announced agreement, in principle, on the terms of a new 10-year sales agreement for the sorting, valuing and sales of all of Namdeb Holdings’ diamonds, which includes production from Namdeb and Debmarine Namibia.
When it goes into effect, the agreement will be the longest sales contract ever arranged between the two partners.
Under the terms of the new agreement, Namibia Diamond Trading Company (NDTC) will continue to sort and value all of Namdeb Holdings’ production.
De Beers said it will continue to support the domestic cutting and polishing industry in the country, and will increase its commitment by making more diamonds available for manufacturing businesses operating in Namibia.
The agreement will provide for an independent sales outlet for the government of the Republic of Namibia for 15 percent of Namdeb Holdings’ run of mine production, a year over the course of the sales agreement.
“We have a long and proud partnership with Namibia, going back more than two decades,” said Bruce Cleaver, executive head of Strategy at De Beers.
“This longer, 10-year sales agreement demonstrates De Beers’ continued commitment to ensuring that diamonds from Namibia continue to play a key role in the socio-economic development of the country.”