The Namibian government and global diamond mining giant De Beers have agreed, in principle, on the terms of a new 10-year sales agreement for the sorting, valuing and sales of all of Namdeb Holdings’ diamonds.
Namdeb Holdings’ diamonds are sourced from its Namdeb and Debmarine Namibia operations.
The agreement will be the longest sales contract ever agreed between the two partners.
Namibia Diamond Trading Company (NDTC) – a 50:50 sorting, valuing and sales JV between De Beers and Namibia’s government – 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 Namibian government for 15% 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 says: “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”.