De Beers and Namibia Reach 10-Year Sales Agreement

De Beers and the government of the Republic of Namibia have announced a 10-year sales agreement for the sorting, valuing, and sales of diamonds from Namdeb Holdings, the mining company owned equally by De Beers and Namibia.

According to the agreement, the Namibia Diamond Trading Co., which is owned equally by De Beers’ Diamond Trading Co. and Namibia, will 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 company said in a statement.

The agreement also provides 15 percent of Namdeb Holdings’ production per annum to the government of Namibia for independent sales.

“We have a long and proud partnership with Namibia, going back more than two decades,” said Bruce Cleaver, De Beers’ executive head of strategy. “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 socioeconomic development of the country.”

The agreement is of the longest duration so far beween Namibia and De Beers.