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Namibian diamond deal with DeBeers on a positive note
Negotiations will impact DeBeers directly
By: Diamond World News Service
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Aug 2 2006 12:00AM
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Reference: 572  

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Namibia, the last of the three Southern African countries, incorporating Botswana and South Africa, is nearing the finalizing of protracted negotiations with De Beers.
Although it is the smallest in terms of volume, the quality of its alluvial diamond production has a disproportionate impact on the quality of the mix of diamonds that De Beers is able to offer in what is termed its ‘London Mix’. Namibia is understood to be leaning towards similar terms set by the South African government, which in most likelihood includes a centralised body that receives local supplies, as well as supplies from De Beers selling arm, the Diamond Trading Company (DTC) in London.

An inevitable consequence of the negations will be reduced profits if only through a reduction in contributions previously paid by the government, such as marketing costs. However, it is expected that the negotiations will impact more directly on the current overall take that De Beers enjoys under its current arrangements.

These will to be high-value goods, which the government would like to see manufactured in Namibia. It will be interesting to see how Namibia will finance support for local cutting and what changes the government will force on all the current producers - De Beers, Lev Leviev and Diamond Fields.

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