NDTC Announces Eleven New Sightholders

The Namibia Diamond Trading Company (NDTC), the 50/50 joint venture between the Government of Namibia and the De Beers Group, has announced 11 new Sightholders to receive rough from the NDTC in Namibia. The manufacturers will receive a supply of rough diamonds for the inaugural three and a half year contract period, from 2007 to 2011.

“This is an historic day for the Namibian diamond industry,” said Shihaleni Ndjaba, chairman of the NDTC. “This marks a new chapter in what the Government and De Beers Group believe will be a long and successful diamond manufacturing industry in our country.”

Ndjaba specified that, out of these 11 companies, those that had operational facilities as of July 18, 2007 will receive rough supply beginning October 29. Supply to the remainder will begin from March 31, 2008.

He also said that the NDTC received some 18 applications, from which the final 11 were chosen.

“By 2009, N$2 billion (US$300 million) worth of diamonds will be available for local diamond manufacturing,” Ndjaba commented. “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.”

One surprising name on the list is that of LLD Diamonds Namibia – part of the Lev Leviev Group. Leviev is considered by some as a rival to De Beers. In the past few years, Leviev made a number of public remarks that have been understood as strong criticism of De Beers.

The new NDTC Sightholders are as follows:

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