De Beers, Namibia Extends Diamond Sales Agreement

De Beers, Namibia extends diamond sales agreement

JOHANNESBURG, Jan. 30 (Xinhua) — Diamond mining giant De Beers and Namibia agreed in the Namibian capital of Windhoek on Tuesday to extend their existing sales agreement to 2013.

The agreement was signed by the two sides, according to a report from South African Press Association.

In a statement released by De Beers, it was also announced that a joint venture — the Namibia Diamond Trading Company (NDTC) — would be established to keep the processes of valuing, sorting, selling and marketing of Namibia’s diamonds within the country.

The NDTC would be 50 percent owned by the Namibian government and 50 percent by De Beers Diamond Trading Company (DTC).

Diamonds account for more than 40 percent of Namibia’s export revenues, 7 percent of the government’s revenues and 10 percent of Namibia’s gross domestic product.

The NDTC will sell rough diamonds mined by Namdeb Diamond Corporation (Pty) Limited to local cutting and polishing houses as well as to the DTC.

De Beers foresees the NDTC will handle 300 million U.S. dollars worth of diamonds by 2009.

De Beers produces 40 percent of the world’s gem diamonds and the DTC is the sales and marketing arm of De Beers.

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