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Namdeb 2010 Rough Sales +49%

Production +58%
Apr 28, 2011 9:29 AM   By Jeff Miller
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RAPAPORT... Namdeb Diamond Corporation  reported that for the year 2010, the company increased the number of carats sold  by 12 percent. Without citing exact figures, the company recorded a 58 percent increase in production, which would come to approximately 1.46 million carats by Rapaport calculations.  Namdeb reported that diamond revenue jumped 49 percent, which would be approximately $669 million, according to Rapaport calculations.

Profits before tax surged to $229 million (NAD 1.5 billion), compared with a loss of $84 million (NAD 555 million) in 2009, according to Namdeb.

Namdeb's managing director, Inge Zaamwani-Kamwi, described the financial year 2010 as "extraordinary" for the mining company, considering that the global economy was in recovery mode.   Namdeb enjoyed strong price growth in 2010, and a combination of cost efficiencies and cash management, supported by strong demand for rough diamonds helped to make the year profitable and cash generative for Namdeb.

Zaamwani-Kamwi said, ''We remain cautiously optimistic about the diamond market generally. Continued positive growth is expected, albeit at a lower rate. The world is not back to where it was prior to the onset of the global economic crisis and risks to growth remain. After the better than expected Christmas retail season, the U.S. market is expected to continue its recovery and the exceptional growth seen in China and India is expected to be sustained.

''In the longer term, the supply and demand dynamics of the diamond business remain attractive. Traditional consumer markets are recovering at the same time as demand growth in the emerging markets of China and India is expanding rapidly.”

Tags: De Beers, diamonds, Jeff Miller, Namdeb, rough
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