The De Beers Group’s sales agreement with Namibia is valid until May 2026, with both parties owning 50% of Namdeb Holdings and NDTC. Preparations for a new agreement are underway to increase government revenue from diamond sales, while De Beers adjusts its production in response to changing global demand.
The De Beers Group has confirmed that its sales agreement with the Government of Namibia is effective until May 2026. Both parties jointly control Namdeb Holdings, which encompasses Namdeb mining and Debmarine Namibia, each holding a 50% stake. Additionally, they share ownership of the Namibia Diamond Trading Company (NDTC). Currently, De Beers refrained from commenting on future negotiations regarding the agreement.
The joint venture between De Beers and the Government of Namibia, established in 1994, operates under a sales agreement initiated in 2016 for sorting, valuing, and sales of diamonds. The agreement stipulates that 15% of Namdeb Holdings’ annual production goes to Namdia, the governmental sales entity. The Ministry of Mines and Energy has started preparations for negotiating a new agreement to boost the diamond revenue for Namibia in anticipation of the current one expiring in 2026.
In conclusion, the De Beers and Namibia partnership faces pending negotiations as their current sales agreement is set to expire in May 2026. The government’s efforts toward increasing diamond revenue are notable, especially in light of the recent successful negotiations between De Beers and Botswana. Both companies seek to enhance production and adapt to global market fluctuations.
Original Source: www.observer24.com.na
