The deal was signed by Namibia’s Mines Minister, Obeth Kandjoze, and De Beers chief executive officer, Phillipe Mellier, in Windhoek Monday.
Kandjoze said the agreement will allow Namibia to add value to the rough diamonds through the state holding company, Namibia Diamond Trading Company (NDTC).
According to the agreement, the value of rough diamonds that will be made available to NDTC customers for in-country benefaction in Namibia will increase to 430 million dollars per year.
Under the agreement, the government of Namibia, Kandjoze said, will establish a company called Namib Desert Diamonds to distribute production by diamond miner Namdeb Holdings, which is a 50/50 joint venture between Namibia and De Beers.
Kandjoze said Namib Desert will distribute about 15 percent of Namdeb Holdings’ total production and will market diamonds internationally. Enditem