State-owned Namibia Desert Diamond Company (Namdia) wants to buy up to 50% of Namdeb Holdings' annual diamond output, according to local media reports.
Under the current sales agreement with De Beers, Namdia is only allowed to buy 15% of Namdeb's production.
The Namibian newspaper quoted company finance executive officer Sven von Blottnitz as saying the push to increase their allocation will, however, need to be done cautiously.
“It would be taking away some of De Beers bread, and such an investor needs to be treated with care,” he said.
Meanwhile, Von Blottnitz said the loss-making Namgem Diamond Manufacturing Company that it fully acquired last year might be ‘useful’ in future as the company is still determined to be established fully in the diamond trading value chain instead of just selling rough diamonds.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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