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The Government of the Republic of Namibia and De Beers have 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’[1] diamonds (production from Namdeb and Debmarine Namibia). The agreement will be the longest sales contract ever agreed between the two partners.
Namibia Diamond Trading Company (NDTC)[2] will continue to sort and value all of Namdeb Holdings’ production. 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.
The agreement will provide for an independent sales outlet for the Government of the Republic of Namibia for 15 per cent of Namdeb Holdings’ run of mine production, per annum, over the duration of the sales agreement.
Bruce Cleaver, De Beers’ Executive Head of Strategy, who led the De Beers negotiating team said: “We have 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”.
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Daniel Kali
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About The De Beers Group of Companies
De Beers is a member of the Anglo American group. Established in 1888, De Beers is the world’s leading diamond company with unrivalled expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers employs more than 20,000 people (directly and as contractors) across the diamond pipeline, and is the world’s largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the company’s operating philosophy, the people of De Beers are committed to Living up to Diamonds by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. For further information about De Beers visit www.debeersgroup.com.
[1] Namdeb Holdings is the parent company for Namdeb (land) and Debmarine Namibia (marine) production
[2] NDTC – 50:50 sorting, valuing and sales JV between De Beers and GRN