De Beers announces 10-year sales agreement
The Government and De Beers announced the 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, early this week. The agreement will be the longest sales contract ever agreed between the two partners.
Namibia Diamond Trading Company (NDTC) will continue to sort and value all Namdeb Holdings’ production. De Beers will continue to support the domestic cutting and polishing industry and will increase its commitment by making more diamonds available for manufacturing businesses operating in the country.
The agreement will provide for an independent sales outlet for the government 15%t of Namdeb Holdings’ run of mine production, per annum, over the duration of the sales agreement.
Bruce Cleaver, De Beers’ Executive Head of Strategy, who led the De Beers negotiating team said, “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”.