Diamond trading company pays N$953m in export levies

Despite challenging global market conditions, the Namibia Diamond Trading Company (NDTC) has paid a total of N$953 million in export levies since the promulgation of the Export Levy Act in 2017.

For the 2023 rough diamond supply period, NDTC sold approximately 77% of its total offering to NDTC sightholders, despite challenging market conditions.

NDTC chief executive Brent Eiseb revealed this in Windhoek on Tuesday, during the inaugural graduation of the Diamantaire Enterprise Development Programme (EDP).

The programme was launched in November 2023 and aims to increase Namibian participation and ownership of the country’s diamond sector.

Eiseb highlighted that the majority of sales were processed in Namibia.

“I am particularly pleased to inform you that 88% of the total sales to NDTC sightholders during 2023 were fully processed in Namibia.

This is a significant achievement considering the industry was averaging 38% a few years ago.

“Despite these and many other challenges in the global market, NDTC remained firm in delivering on its mandate of sorting, valuation, and sale of the diamonds recovered by Namdeb Holdings.

“Not only has this contributed to the creation of sustainable jobs in the downstream industry, but it has also resulted in a notable increase in technology and infrastructure investments in the Namibian cutting and polishing industry,” he said.

Eiseb also highlighted other achievements made by the company in 2023.

“Investment in training and development was N$1,9 million, N$100 million dividends were paid to NDTC shareholders.

NDTC has paid a total of N$2,8 billion in dividends to the two shareholders, the Namibian government and De Beers.

Corporate taxes paid for 2023 amount to N$84 million, while N$1,5 billion has been paid in corporate taxes since the company’s inception in 2007.

“Export levies paid by NDTC amounted to N$197 million in 2023 and a total of N$953 million in export levies since the promulgation of the Export Levy Act in 2017.

Brent Eiseb

Contribution to the Namibia Training Authority (NTA) training levy – N$1,05 million.

The total contribution to date to the NTA training levy is N$7,1 million,” he said.

During the EDP graduation, NDTC board chairperson Estelle Tjipuka commended the programme’s vision to empower Namibians and foster entrepreneurship.

“Today, we see the fruits of that vision.

I would like to extend my heartfelt congratulations to the graduates of Dash Diamonds and Tate Diamonds, respectively, our two EDP beneficiaries.

Your respective journeys, through the Razcorp Business and Leadership Development programme, have equipped you with the necessary tools, skills and insights to thrive in and transform the diamond industry.

“You are not just business leaders, you are pioneers of a new era for Namibia.

Throughout this tailored programme, you’ve undergone intensive training, covering everything from technical skills in diamond processing to the intricacies of global market dynamics and sustainable business practices.

“This comprehensive approach ensures that you are well-prepared to lead with integrity and innovation.

Your respective journeys within the diamond industry have just begun. NDTC has exposed you to the opportunities, but you need to take these opportunities and grow your businesses to the next level,” Tjipuka said.

“We would like to see Namibian diamond entrepreneurs showcasing their jewellery at the Las Vegas Diamond Show and the Hong Kong Diamond Show, just to mention a few examples.

With the EDP programme, NDTC is teaching you how to crawl in this industry, but you need to take ownership and learn how to walk in this industry and eventually how to run the race with all the others in this competitive and challenging industry.

“As we look to the future, let us consider the broader impact of your success.

Each of you represent a critical link in a growing chain that will extend the benefits of our diamond industry from extraction to high-value processing, all within our borders,” Tjipuka said.

NDTC is a 50:50 joint venture between the Namibian government and De Beers Namibia Holdings, formally established in January 2007.

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