De Beers, Namibia tie up a 10-year deal

pink-star-diamond(ANA) – The Government of the Republic of Namibia and De Beers have announced they have agreed, in principle, on a new 10-year sales agreement for the sorting, valuing and sales of all Namdeb Holdings diamonds, making it the longest sales contract ever agreed between the two partners.

Under the agreement, the Namibian Diamond Trading Company would continue to sort and value diamonds from Namdeb while De Beers will offer support for the domestic cutting and polishing industry by making more diamonds for manufacturing.

The agreement would provide for an independent sales outlet for Namibia for 15% of Namdeb Holdings’ run of mine production per annum over the duration of the sales agreement. De Beers Executive Head of Strategy, Bruce Cleaver, commented : “We have a long and proud partnership with Namibia, going back more than two decades. This longer 10-year sales agreement demonstrates De Beers’ continued commitment to ensuring that diamonds from Namibia continue to play a key role in the socio-economic development of the country.”

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