Namibia To Set Up Diamond Sales and Marketing Firm

Mining and Exploration
29/06/2015 09:08

The firm would be called Nore/Uis, the Minister of Mines and Energy Obed Kandjoze said in an exclusive interview with New Era, with a new diamond sales and marketing agreement between Namibia and De Beers enabling Namdeb to sell Namibian diamonds to third parties, bypassing the long-standing traditional arrangement of selling through De Beers channels at a time and price dictated by De Beers, the world’s largest diamond producer by value.
De Beers had a ‘delivery entitlement’ clause inserted in the previous agreement to regulate the flow of Namibian diamonds into the international diamond market, by deciding when, the quantity and quality and at what price to buy Namibian diamonds. “That clause is out of the new agreement, meaning De Beers will not set the price as was provided by the clause. We will not be obliged to do business along those lines anymore. The agreement opened a window on the market that enables government to buy a portion of rough diamonds and sell them through alternative channels.”