Government and DeBeers, signed the first ever longest diamond sales and marketing agreement that will last for 10 years. The event took place on 16 May 2016 in the Constitution room at Office of the Prime Minster and it was attended by high profile persons such as; Obeth Kandjoze the Minister of Mines and Energy, Kennedy Hamutenya the Diamond Commissioner, Sacky Shanghala the Attorney General, Permanent Secretary of the Ministry of Mines and Energy Simeon Negumbo, cabinet ministers and other permanent secretaries.
During the signing, the Minister of Mines and Energy, said that the primary benefit of the agreement is set to pave the way for an increased supply of Namibian rough diamonds to the local diamond manufacturing industry. The continuous supply of rough diamonds in all sizes and shapes, to local cutting and polishing houses will allow the polishing houses to operate at full capacity thus creating more jobs as well as enhancing profitability and sustainability.
The signed agreement between the two parties will also improve the supply of rough diamonds made available to customers of the Namibia Diamond Trading Company (NDTC) as part of local beneficiation. With the new agreement, the value of rough diamonds made available to NDTC will rise to US$430 million which in NAM Dollars will translate to N$6.73 billion annually. Chief Executive Officer of DeBeers Group Phillippe Mellier said, he was pleased that the generated funds have always proved to go towards socio economic developments in the country.