First NDTC gems sale

THREE weeks since it named its first 11 sightholders, the Namibia Diamond Trading Company (NDTC) yesterday conducted its first diamond sale to selected local diamond cutting and polishing companies.

A ceremonial event to mark the occasion was held at the newly inaugurated NDTC offices at the Namdeb Centre with the Ministry of Mines and Energy Erkki Nghimtina and diamond industry personalities present. The 11 companies receiving rough gems for processing are LLD Diamonds, Namgem, Hardstone Processing, Namcot, Finesse Diamond Corporation, Laurelton-Reign Diamonds, JKD Namibia, NU Diamond Manufacturing, Trau Bros Diamonds Namibia, Almod Diamonds and AMC/GemXel Diamonds.Only companies like Namgem, LLD, Namcot and Hardstone Processing – who are already operational – were entitled to receive their first supplies for cutting and polishing yesterday.The rest, which are yet to start operating, are to receive their first supply on March 31 next year.Details of how much each company will be receiving have been kept under wraps, and will not be disclosed to the media.Before the actual sale, LLD Diamonds Managing Director Kombadayedu Kapwanga confirmed that his company had requested for 25 000 carats per month – an amount which the company currently handles monthly.He would not say how much the company would get from NDTC, saying that LLD would only be aware of the amount during the transaction.This seems to be in contradiction with information from the jewellers’ association, which recently said sightholders had been informed of their individual company allocations before the sale.At yesterday’s event, Nghimtina called on industry players to appreciate the milestone achieved through the creation of NDTC, and called on all involved to guard against unethical ways.”We must ensure that the integrity of our diamonds is always intact.As a member of the Kimberley Process and more important in keeping with the laws of the country, Namibia will not tolerate any activities that will seek to undermine or compromise the image of diamonds.”NDTC is a 50/50 joint venture between the Government and De Beers, whose mandate is to supply rough diamonds for local cutting and polishing in support of the country’s Vision 2030 economic plan.Ten per cent of Namdeb’s annual production will be made available to local cutters, and this should see a supply of N$2 billion worth of diamonds to the local industry by 2009 – which represents almost five per cent of the country’s gross domestic product (GDP).The 11 companies receiving rough gems for processing are LLD Diamonds, Namgem, Hardstone Processing, Namcot, Finesse Diamond Corporation, Laurelton-Reign Diamonds, JKD Namibia, NU Diamond Manufacturing, Trau Bros Diamonds Namibia, Almod Diamonds and AMC/GemXel Diamonds.Only companies like Namgem, LLD, Namcot and Hardstone Processing – who are already operational – were entitled to receive their first supplies for cutting and polishing yesterday.The rest, which are yet to start operating, are to receive their first supply on March 31 next year.Details of how much each company will be receiving have been kept under wraps, and will not be disclosed to the media.Before the actual sale, LLD Diamonds Managing Director Kombadayedu Kapwanga confirmed that his company had requested for 25 000 carats per month – an amount which the company currently handles monthly.He would not say how much the company would get from NDTC, saying that LLD would only be aware of the amount during the transaction.This seems to be in contradiction with information from the jewellers’ association, which recently said sightholders had been informed of their individual company allocations before the sale.At yesterday’s event, Nghimtina called on industry players to appreciate the milestone achieved through the creation of NDTC, and called on all involved to guard against unethical ways.”We must ensure that the integrity of our diamonds is always intact.As a member of the Kimberley Process and more important in keeping with the laws of the country, Namibia will not tolerate any activities that will seek to undermine or compromise the image of diamonds.”NDTC is a 50/50 joint venture between the Government and De Beers, whose mandate is to supply rough diamonds for local cutting and polishing in support of the country’s Vision 2030 economic plan.Ten per cent of Namdeb’s annual production will be made available to local cutters, and this should see a supply of N$2 billion worth of diamonds to the local industry by 2009 – which represents almost five per cent of the country’s gross domestic product (GDP).