Namibia Diamond Trading Co. names sightholders

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Namibia Diamond Trading Co. names sightholders

October 08, 2007

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Windhoek, Namibia—The Namibia Diamond Trading Co. (NDTC) announced recently the names of 11 Namibia-based manufacturers who will receive rough diamonds for a contract period of three and a half years.

The announcement follows the first application process for the supply of rough diamonds from the 50/50 joint venture between the government of Namibia and the De Beers Group. The contract period begins this year and ends in 2011.

The successful applicants for the diamond-supply contracts are:

* Almod Diamonds Ltd.
* AMC/GemXel Diamonds (Pty) Ltd.
* Finesse Diamond Corporation
* Hardstone Processing (Pty) Ltd.
* JKD Namibia (Pty) Ltd.
* Laurelton-Reign Diamonds (Pty) Ltd.
* LLD Diamonds Namibia (Pty) Ltd.
* Namcot
* Namgem
* NU Diamond Manufacturing (Pty) Ltd.
* Trau Bros Diamonds Namibia (Pty) Ltd.

"This is a historic day for the Namibian diamond industry," NDTC Chairman Shihaleni Ndjaba said in a statement.

Ndjaba added that those companies that have been operational since July 18, 2007, will receive their first rough-diamond supply on Oct. 29, 2007. The remaining companies will receive supplies for cutting and polishing in Namibia beginning on March 31, 2008.

"This marks a new chapter in what the government and the De Beers Group believe will be a long and successful diamond-manufacturing industry in our country," he said.

The NDTC received 18 applications for the supply.

"[NDTC] had a tough job of assessing those that have demonstrated the strongest ability to both drive demand for diamonds and promote diamond cutting and polishing in Namibia. By 2009, [$300 million] worth of diamonds will be available for local diamond manufacturing. This represents almost five percent of Namibia's GDP and is a significant step forward in building a more diversified diamond industry for our country," Ndjaba said.

The announcement is a key milestone for the development in the country's diamond industry, which began with the agreement to create the NDTC, the Namibian diamond sales and marketing company, at the beginning of this year.

The core objective of the NDTC is to provide maximum long-term value for diamonds from Namibia by developing world-class sorting, valuing, selling and marketing practices in the country. The NDTC is also meant to serve as a catalyst for the overall growth of the Namibian economy through support services such as banking, security and IT, and to make it even more attractive to foreign investors.

"The establishment of NDTC is of significant value to the global diamond industry and is a clear demonstration of beneficiation in action. It will enhance Namibia's competitive supply advantage through skills and intellectual property transfer, building national capacity to meet the needs of a growing cutting and polishing industry," Varda Shine, NDTC board member and managing director of the Diamond Trading Co., said.

Subject to third-party verification of applications, Shine welcomed those companies who are part of the NDTC's inaugural contract period.

"These companies will help us drive a more diversified and profitable diamond industry in this country, and deliver a sustainable and economically efficient diamond industry in Namibia that will benefit the whole country," she said.

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