De Beers and Namibia have inked a 10-year deal that will see the mining company continue to support the country’s domestic cutting and polishing industry.
The terms of the agreement call for Namibia Diamond Trading Co. (NDTC) to sort and value all Namdeb Holdings’ diamonds (production from Namdeb and Debmarine Namibia). For its part, De Beers will increase its commitment by making more diamonds available for manufacturing businesses operating in the country.
The miner says the deal is the longest sales contract ever agreed between the two partners.
“We have a long and proud partnership with Namibia going back more than two decades,” said Bruce Cleaver, De Beers’ executive head of strategy.
“This longer, 10-year sales agreement demonstrates De Beers’ continued commitment to ensuring diamonds from Namibia continue to play a key role in the socio-economic development of the country.”
The agreement also provides for an independent sales outlet for Namibia for 15 per cent of Namdeb Holdings’ run of mine production, per annum, over the 10-year period.
