Industry News by Nemesis

De Beers’ Namibian Unit Offers 240k ct to Namdia, Local Sightholders

April 24, 2018

The Namibian government said more than 240,000 carats of Namdeb run-off mine were offered to Namib Desert Diamonds (Namdia) and local sightholders at a value of $360 million in the 2017/18 financial year compared to $292 million in the 2016/17 financial year.


“This achievement has yielded an increase in beneficiation activities and enabled Namdia to fulfill its mandate,” mines minister Tom Alweendo was quoted as saying by the Namibia Economist.


He said that 54 percent of rough diamonds offered to the local sightholders had been processed locally.


Namdia chief executive Kennedy Hamutenya recently said that their diamonds were earmarked for international sales and not for the local market.


The state-owned diamond trading company was entitled to 15 percent of diamonds produced annually by Namdeb in line with the marketing and sales agreement signed between Namibia and De Beers in 2016.


Meanwhile, the minister said government had initiated the review process of the country’s Diamond Act, 13 of 1999 to ensure that the law was responsive to the “industry dynamics”.
It wasn’t clear what he meant by “industry dynamics” in the report.


However, Alweendo said Namibia should continue adhering to minimum requirements of the Kimberley Process and international best practices to maintain a good image for the country’s diamonds.


He also said that Namibia produced more than 1,8 million carats of diamonds in the 2017/18 financial year.

 

Source: Rough&Polished

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