AuctionsMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
SourcingMay 17, 2016
De Beers, Namibia Sign 10-Year Sales Agreement
The new pact is for the sorting, valuing and sales of diamonds mined by Namdeb Holdings in the southern African nation.
De Beers Group CEO Philippe Mellier (left) and Obeth Kandjoze, Namibia’s minister of mines and energy, at the signing of the 10-year sales agreement Monday in Windhoek, the capital of Namibia.
Windhoek, Namibia--De Beers and the government of Namibia announced Monday that they have signed a 10-year sales agreement for the sorting, valuing and sales of the diamonds they mine in partnership there.
It is the longest sales contract De Beers has inked with Namibia, a country where it has been mining in partnership with the government since 1994. Ten years also is the same length as the contract De Beers signed with neighboring Botswana in 2011.
Under the terms of the contract, De Beers said Namibia will see a “significant increase” in rough diamonds made available for beneficiation, with $430 million (a figure index-linked to price so volumes do not decrease when prices increase) being offered annually to customers of Namibia Diamond Trading Company.
NDTC is the 50/50 joint venture between De Beers and the government that handles sorting and valuing of Namdeb Holdings’ diamonds. Namdeb Holdings, also a 50/50 joint venture, is the parent company of Namdeb, which mines diamonds on land, and Debmarine Namibia, which mines diamonds at sea.
In addition, the agreement dictates that 15 percent of run-of-mine production per year go to the government-owned independent sales company, Namib Desert Diamonds Pty. Ltd., and that all of Namdeb Holdings’ large and unusual diamonds, “special stones,” be made available for sale in Namibia.
The two parties will review the terms of the partnership after 10 years.
De Beers Group CEO Philippe Mellier said the agreement secures long-term supply for De Beers and ensures that the country’s diamonds will continue to contribute to its socio-economic development.
Obeth Kandjoze, Namibia’s mines and energy minister, said the new agreement “cements Namibia’s position as an important international diamond player and will provide further stimulus to advance our downstream industry.”
Namdeb operates a fleet of five diamond mining vessels, or “floating mines,” in the Atlantic Ocean off Namibia’s coast: mvs Debmar Atlantic, Debmar Pacific, !Gariep, Grand Banks and Mafuta. The company also has alluvial mining operations in the country’s northern and southern coastal regions.
Namdeb Holdings employs 2,500 people plus contractors in Namibia and the diamond industry is the second biggest contributor to the economy there, behind only the government.
More on Sourcing
The Latest
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
IndependentsMay 13, 2024
Zachary’s Jewelers Names Mother’s Day Jewelry Contest WinnersThree fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
