See also:
» 21.12.2009 - Bannerman lodges application for Uranium mining in Namibia
» 29.08.2008 - World class uranium deposits discovered in Namibia
» 14.07.2008 - Namibia registers record inflation
» 02.06.2008 - Skills shortage plagues Namibia's mining industry
» 13.06.2007 - French eye Namibian uranium miner
» 16.11.2006 - Return of diamonds to fuel Namibia economy
» 01.02.2005 - "Iran did not buy uranium from Namibia," govt
» 06.07.2004 - 60,000 diamonds found in 22 days off Namibia

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Economy - Development

Namibia deepens partnership with De Beers

afrol News, 31 January - The government of Namibia has entered into a new agreement with diamond monopolist De Beers over Namibian diamond sales until 2013, with conditions significantly improving for Namibia each time they have been renegotiated since colonial times. Partly state-owned Namdeb will get a larger share of the downstream industry and diamond trade through the deal.

The government of Namibia and De Beers in a press release yesterday announced an agreement that secures the sale of Namibia's diamonds through De Beers' Diamond Trading Company (DTC) until 2013. The agreement was said to "cement one of the most enduring and important partnerships in the global diamond industry for years to come."

For the first time, this agreement will extend from diamond mining into diamond marketing with the establishment of a 50:50 joint venture - Namibia Diamond Trading Company (NDTC) - responsible for the valuing, sorting, selling and marketing of Namdeb's diamond production. Also Namdeb since 1994 is owned in equal shares by the government of Namibia and De Beers, after having been a De Beers subsidiary since the 1920s.

The new agreement also outlines the development of a local downstream diamond industry in Namibia, which aims at giving Namibians a greater opportunity to raise revenues and create employment from their diamonds, rather than only exporting the raw gems through De Beers' trade company. This was seen as the main novelty in Namibia's new 2007-13 agreement with De Beers.

"To this end, NDTC will sell rough diamonds to local cutting and polishing factories as well as export to DTC International," the statement said. "It is envisaged that NDTC will be the primary vehicle for the growth of the diamond manufacturing industry in Namibia. Working together with Namibian-based diamond manufacturers, NDTC will also support local marketing initiatives."

According to De Beers, the new agreement will ensure that up to N$ 2 billion (US$ 300 million) worth of diamonds will be made available locally by 2009; representing close to 5 percent of Namibia's GDP. It is hoped that the growing numbers of tourists to Namibia will find local diamonds a good souvenir.

Delivering the keynote address at the occasion, Namibia's Minister of Mines and Energy, Erkki Nghimtina, said: "With the signing of this agreement today we have further deepened our partnership with De Beers to ensure that diamonds contribute even further to the economic success of Namibia."

Also speaking at the signing ceremony Nicky Oppenheimer, Chairman of De Beers, said "Today's agreement is further testimony to the strength of our 13 year partnership, and a demonstration of De Beers' commitment to working together with government to ensure that the country's most valuable natural resource has been turned into sustainable wealth that touches the lives of all Namibians."

According to the latest government figures, diamonds still account for more than 40 percent of Namibia's export revenue, 7 percent of the government revenue and approximately 10 percent of the country's GDP. Namibia produces approximately N$ 5 billion (US$ 700 million) worth of diamonds per year, but production has been declining for several years.

With almost 3,200 employees, Namdeb is Namibia's largest employer. According to the statement, "Namdeb contributes approximately N$ 2 million (US$ 300,000) in corporate social development projects annually in Namibia, principally in the areas of education, small business, community development and health, particularly in HIV/Aids prevention."

De Beers and its Namibian subsidiary have not always been known for corporate responsibility, however. Only in June last year, a report released by South Africa's Anti-Corruption Forum revealed that De Beers had been evading tax on the export of Namibian diamonds when the country was occupied by South Africa. De Beers has also been accused of deliberately over-mining its Namibian prospects shortly before independence, leading to a drop in production shortly after.

Since the early 1990s, however, De Beers has managed to maintain ever-improving relations with the Windhoek government. In 1994, its wholly owned subsidiary Consolidated Diamond Mines (CDM) was turned in to a 50:50 joint venture with the Namibian state and renamed Namdeb. Namibian authorities since then have managed to improve conditions for workers and revenue sharing in subsequent deals with De Beers.

- Create an e-mail alert for Namibia news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at