De Beers and the Namibian government have signed a new ten-year sales agreement for the sorting, valuing and sales of Namdeb’s diamonds. This is the longest agreement between the partners.
Namdeb is a 50:50 joint venture (JV) between the Namibian government and De Beers and is the parent company for Namdeb (land) and Debmarine Namibia (marine) diamond production.
Under the new deal, Namibia will see a significant increase in rough diamonds made available for beneficiation, with $430-million of rough diamonds being offered each year to a 50:50 JV between the Namibian government and De Beers, called the Namibia Diamond Trading Company, to sort and value output from Namdeb.
“This new agreement cements Namibia’s position as an important . . . diamond player and will provide further stimulus to advance our downstream industry.