De Beers and Namibia sign 10-year agreement

The Government of the Republic of Namibia and De Beers announced an agreement, in principle, for a new 10-year sales agreement involving sorting, valuing and sales of all of Namdeb Holdings’diamonds (production from Namdeb and Debmarine Namibia). This agreement will be the longest sales contract ever agreed between the two partners.

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”.

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. The agreement will provide for an independent sales outlet for the Government of the Republic of Namibia for 15 percent of Namdeb Holdings’ run of mine production, per annum, over the duration of the sales agreement.