De Beers signs 10 year rough diamond agreement with Namibia

GIA diamonds

The Government of the Republic of Namibia and the De Beers Group have signed a new 10-year sales agreement for the sorting, valuing and sales of Namdeb Holdings diamonds. The sales agreement is the longest ever signed between the two partners.

Namibia will see a significant increase in rough diamonds made available for benification as a result of the agreement, with $430 million of rough diamonds being offered annually to Namibia Diamond Trading Company customers . As part of the agreement, all Namdeb Holdings Special Stones will be made available for sale in Namibia.

Speaking at the signing ceremony for the agreement, chief executive of De Beers, Philippe Mellier said:  “For us in De Beers, being partners with the government is an aspect of immense pride. We are proud to be partners, with one of the most politically stable and aspiring countries on the African continent. We do, as corporates, often talk that perhaps the tax on diamond mining is a little on the high side, but we always take comfort in the knowledge that every tax and royalty dollar that is paid in Namibia is used towards uplifting this beautiful country. Look around Namibia, and what one sees, is a government that is working.”

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Nameb Holdings is one of Namibia’s largest taxpayes and one of the country’s biggest foreign exchange generators.

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