Government and De Beers sign 10-year sales contract
21 Jul 2015 16:50pm
WINDHOEK, 21 JUL (NAMPA) The Namibian Government and De Beers Group of Companies has announced a 10-year sales agreement for the sorting, valuing and sale of all diamonds produced by Namdeb and Debmarine Namibia under Namdeb Holdings.
De Beers Namibia said in a media statement issued on Tuesday that the agreement will be the longest sales contract ever agreed on by the two partners.
De Beers will continue to support the domestic cutting and polishing industry in Namibia, and will increase its commitment by making more diamonds available for manufacturing businesses operating in the country, it said.
The agreement will provide for an independent sales outlet for the Namibian Government for 15 per cent of Namdeb Holdings run of mine production per annum over the duration of the sales agreement.
Meanwhile, the Namibia Diamond Trading Company (NDTC) will continue to sort and value all Namdeb Holdings production.
De Beers Executive Head of Strategy, Bruce Cleaver, who led the De Beers negotiating team, was quoted in the statement as saying the company has a long and proud partnership with Namibia going back more than two decades.
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, he added.
De Beers is a member of the Anglo American group and was established in 1888. It is the worlds largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa.