Govt approves local valuation of gem stones

October 27, 2016, 9:34am

Government has approved professional valuation of local diamonds by a locally owned company C-Sity over a period of five years.

The deal will mean that C-Sixty will now be working with NAMDIA to accumulate the correct value of diamonds in accordance to the latest technologies on the market for the beneficiation of the country.

The appointment was done by a Government Task Team upon the recommendation by NAMDIA which selected C-Sixty based on the expertise availed by the company.

Executive Chairman of C-Sixty John Walenga confirmed the development adding that his company will be responsible for valuing the locally mined diamonds.

“We have the latest technologies which are needed in the modern day market to make sure that the country accrues the actual benefit of the precious stones. As part of developing the country we will make sure that C-Sixty also plays a serious corporate social responsibility in the arts industry which in a long time has been struggling to attract sponsorship. “

Walenga added that C-Sixty is a hundred percent owned Namibian and has the capacity to deliver the best valuation of diamonds. Efforts to get confirmation from the Minister of Mines and Energy Obeth Kandjoze were however unsuccessful as his number was unreachable  

The Villager online also understands that the Minister of Mines and Energy also put a strict agreement that C-Sixty should find a sector in the country where they should plough back some of their earnings from the deal to improve the community through corporate social responsibility.

In the past De Beers used to evaluate the diamonds mind locally which left questions on whether the country is generating the correct value from the natural resources as there was no independent valuation who uses the latest technologies.

The deal will see NAMDIA a Government company created to market and sale 15 percent of Diamonds mined locally being evaluated by C Sixty with the latest saline technology which will see the country accruing the correct value of the diamonds.

Ironically C-Sixty is the only company that has the ability to provide the latest technology needed to evaluate the diamonds as compared to the manual model that has been used by De Beers in the past years of operation in Namibia.