Rapaport News




Advanced search
Latest Articles
Rough Markets
Polished Markets

De Beers and Namibia Strike Long-Term Deal

May 17, 2016 2:59 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... De Beers and Namibia signed a 10-year sales agreement – their longest pact ever – that will “significantly increase” the quantity of rough diamonds made available for beneficiation.

The deal for sorting, valuing and sales of diamonds from Namdeb, the duo’s 50:50 joint venture, means $430 million of diamonds will be offered to the Namibia Diamond Trading Company every year. All of Namdeb’s special stones will be made available for sale in Namibia, De Beers added.

The pact also provides for 15 percent of Namdeb’s run-of-mine production to be made available to a government-owned independent sales company called Namib Desert Diamonds.

“This sales agreement – the longest ever between Namibia and De Beers – not only secures long-term supply for De Beers, but also ensures that Namibia’s diamonds will continue to play a key role in national socio-economic development long into the future,” said Philippe Mellier (pictured), De Beers chief executive officer.

“Diamonds can have a powerful and transformative effect on a country’s prospects when effectively managed and I commend our partners in Government for their vision regarding the role of diamonds in national development.”
Tags: beneficiation, De Beers, mining, Namdeb, Namibia, Namibia Diamond Trading Company, Rapaport News, Rough Diamonds
Similar Articles
StornowayStornoway Fears for Its Future
Aug 15, 2019
Stornoway Diamond Corporation has given a stern warningabout its ability...
Mountain Province Faces Nasdaq Delisting
Hong Kong Polished Imports Slide
Angola Sees Rise in Diamond Revenue
KingoldWeak Demand Dents Sales at China’s Kingold
Aug 11, 2019
Sales and profit at Kingold Jewelry decreased in the secondquarter as the...
Lucara Profit Drops Amid Lower-Value Output
Alrosa Sales Hit Lowest Level on Record

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us