De beers & Namibian Govt to free diamond supply to boost industry
18 Nov '06
1 min read
The world's biggest diamond producer De Beers producing 40 percent of the world diamonds and Namibian Government have come to an agreement which provide greater supply of Namibian rough diamonds to the local cutting and polishing industry.
Diamonds have been mined in Namibia since 1908 and bulk of Namibian rough diamonds are exported to London by Namdeb Diamond Corporation (Pty) Limited, owned in equal shares by the Government of the Republic of Namibia and De Beers Centenary AG.
Namdeb currently holds six mining licences from which diamonds are recovered. All Namdeb diamonds mined at its operation are sold to the DTC for resale on the international diamond market.
So far, the fledgling domestic polishing industry was wanting greater supply of roughs for processing and polishing and with the culmination of the agreement between the two entities last year, the issue came to the fore.
With this move, local industry sources feel, will be a morale booster for their future prospects.
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