Namibia diamond trading hands 60 million dividend to Govt

18 Aug 2015 18:20pm
WINDHOEK, 18 AUG (NAMPA) – The Namibia Diamond Trading Company (NDTC) Tuesday handed over dividends of N.dollars 60 million to the Namibian Government in the capital.
This is the 11th time the NDTC hands over dividends through the Ministry of Mines and Energy (MME) since the company’s inception in 2007. To date, it has handed over N.dollars 2 billion.
The purpose of NDTC is to make diamonds available in Namibia for local manufacturing and sales, in order to create local Namibian brands and support the government's efforts of job creation and value addition from the country’s diamond resources.
Mines and Energy Minister, Obeth Kandjoze, who received the cheque during the ceremony, said Government and the NDTC continue to participate and build on good faith negotiations, with the goal to ensure that more value is added to Namibian diamonds, and to create a viable and sustainable diamond beneficiation sector that will have strong roots for many years to come.
“The ministry would like to guarantee our partners in the diamond industry of Government’s commitment to promote and continuously lobby for sustainable growth, stability and viability of the downstream on the diamond industry through increased supply of rough diamonds to the factories,” he said.
The minister noted that Government and its corporate partners have been working without tire, and Namibia is now reassured that the mineral wealth of the country, which are the heritage of its people, truly benefit Namibians across the social strata by using the proceeds from diamonds to build roads, clinics, hospitals and schools, with the view of improving the living standards of Namibians.
At the same event, NDTC Chief Executive Officer, Shihaleni Ndjaba said the diamond industry has been faced by a very challenging environment during the first half of 2015 but there are signs that the market is stabilising on the back of less rough diamonds being fed into the pipeline and slowly helping to reduce the polished diamonds overhang in the market.
“The polished markets remain challenging due to slower than expected polished demand since the fourth quarter of 2014, as well as a decline in polishing prices, and this has created pricing pressure on the rough markets,” he explained.
Ndjaba, however, assured the company’s stakeholders and shareholders that despite the challenges, the company remains excited about the future of the Namibian diamond industry and will remain committed to fulfilling the mandate of extracting the maximum value from Namibian diamonds for Namibia.