De Beers and Namibia sign long-term sales agreement

The Government of the Republic of Namibia and the De Beers Group of Companies has signed a 10-year sales agreement.

The agreement – the longest-ever signed between the two partners – will include the sorting, valuing and sales of Namdeb Holdings’ diamonds.

Namibia will see a significant increase in rough diamonds made available for beneficiation as a result of the agreement, with $430m (£297m) of rough diamonds being offered annually to Namibia Diamond Trading Company (NDTC) customers.

As part of the agreement, all Namdeb Holdings special stones will be made available for sale in Namibia.

In addition, the agreement provides for 15% of Namdeb Holdings run-of-mine production per annum to be made available to a government-owned independent sales company called Namib Desert Diamonds.