Namibia News
Government to finally sign De Beers deal

The government of Namibia and De beers Group of Companies are set to sign a diamond sales agreement on Monday the 16th May 2016, a deal which will provide for an independent sales outlet for Namibia for 15 per cent of Namdeb Holdings' run of mine production, per annum, over the next decade. The Ministry of Mines and Energy confirmed that the signing will take place at the Prime Minister's office and witnessed by Vice President Dr Nickey Iyambo as well as the Deputy Prime Minister and other top Cabinet officials. Last June, the Namibian government and De Beers announced an agreement, in principle, on the terms of a new 10-year sales agreement for the sorting, valuing and sales of all of Namdeb Holdings' diamonds. The agreement is the longest sales contract ever agreed between the two partners and comes after the announcement was made last year in June. Namibia Diamond Trading Company (NDTC) 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.