Lazare Kaplan signs pact with NamGem

NEW YORK – Lazare Kaplan International (LKI) on Friday announced that it has signed a strategic cooperation agreement with NamGem diamond manufacturing company for the cutting and polishing of diamonds in Namibia.

NamGem, 100 per cent owned by Namdeb, was Namibia first venture into the diamond polishing industry, but had struggled to make profits since it was established. It financial position has been worsened recently by the strengthening of the rand against the US dollar.In terms of the agreement LKI will provide marketing and technical manufacturing assistance to NamGem.LKI will purchase rough diamonds and supervise the manufacturing of those deemed suitable to cut and polish.They will pay NamGem for manufacturing on a fee for service basis.All rough and polished diamonds will be bought and sold by LKI for its account.”LKI understands the strategic importance of NamGem to the people and the Government of Namibia and looks forward to a close and successful cooperation,” said Leon Tempelsman, President of LKI.Lazare Kaplan sells its diamond and jewellery products through a worldwide distribution network.The listed company is noted for its ideal cut diamonds which it markets internationally under the brand name, Lazare Diamonds.Its Chairman, Maurice Tempelsman, wrote to President Sam Nujoma last year, allegedly offering secret loans for not implementing sections of the Diamond Act under which the Government could have forced Namdeb to sell diamonds directly to local cutters.At the moment, cutting factories can only buy diamonds from Namdeb mines through the London-based Diamond Trading Company, an arm of De Beers.-Business Wire, Own ReporterIt financial position has been worsened recently by the strengthening of the rand against the US dollar. In terms of the agreement LKI will provide marketing and technical manufacturing assistance to NamGem. LKI will purchase rough diamonds and supervise the manufacturing of those deemed suitable to cut and polish. They will pay NamGem for manufacturing on a fee for service basis. All rough and polished diamonds will be bought and sold by LKI for its account. “LKI understands the strategic importance of NamGem to the people and the Government of Namibia and looks forward to a close and successful cooperation,” said Leon Tempelsman, President of LKI. Lazare Kaplan sells its diamond and jewellery products through a worldwide distribution network. The listed company is noted for its ideal cut diamonds which it markets internationally under the brand name, Lazare Diamonds. Its Chairman, Maurice Tempelsman, wrote to President Sam Nujoma last year, allegedly offering secret loans for not implementing sections of the Diamond Act under which the Government could have forced Namdeb to sell diamonds directly to local cutters. At the moment, cutting factories can only buy diamonds from Namdeb mines through the London-based Diamond Trading Company, an arm of De Beers. -Business Wire, Own Reporter