De Beers and the Government of the Republic of Namibia have signed an agreement for sorting, valuing and selling Namdeb's diamonds.
As a result of the ten-year sales agreement, Namibia will see an increase in rough diamonds that are made available for beneficiation, and customers of Namibia Diamond Trading (NDTC) will receive $430m of rough diamonds every year.
NDTC and Namdeb are equally owned by De Beers and the Government of the Republic of Namibia.
The agreement will see the sale of all special stones of Namdeb in Namibia and also provides for 15% of the company's run-of-mine production per annum to be made available to government-owned company Namib Desert Diamonds.
Namibia Minister of Mines and Energy Obeth Kandjoze said: "This new agreement cements Namibia's position as an important international diamond player and will provide further stimulus to advance our downstream industry.
"De Beers and Namibia have a longstanding and successful partnership and I am pleased we will continue working together for the benefit of Namibia and the diamond industry."
De Beers Group CEO Philippe Mellier said: "This sales agreement, the longest ever between Namibia and De Beers, not only secures long-term supply for De Beers, but also ensures that Namibia's diamonds will continue to play a key role in national socio-economic development long into the future.
"Diamonds can have a powerful and transformative effect on a country's prospects when effectively managed and I commend our partners in government for their vision regarding the role of diamonds in national development."
Image: Under the agreement, Namibia will see an increase in rough diamonds that are made available for beneficiation. Photo: courtesy of De Beers UK Limited.