De Beers defends long-term arrangements

Diamond consortium De Beers has defended long-term contracts it has in place in the countries it operates in, saying they are fair and favourable.Outgoing CEO Bruce Cleaver said it provides a win-win situation for all the countries it operates in. He made the comments following a closed-door meeting at State House with President Hage Geingob this week.“The deal we have in every country is fair to both parties. I am confident our deals all over the world are fair to De Beers and fair to our host countries and allow us to invest in the future,” he said.The Namibian government in 2016 signed a 10-year contract for the sorting, valuing and sale of Namdeb Holdings’ diamonds. The agreement is the longest ever signed between the two parties.Namibia has since seen a significant increase in rough diamonds made available for beneficiation, with N$7.86 billion in rough diamonds being offered annually to Namibia Diamond Trading Company customers.As part of the agreement, all Namdeb Holdings’ special stones were also to be made available for sale in Namibia.ChangesCleaver’s comments follow Botswana president Mokgweetsi Masisi’s fears that its profit-arrangement model with De Beers may have to change. He was speaking during a rally in that country.“There is enormous scalable potential for the profit-sharing model that Botswana and HB Antwerp are pioneering,” he said in September last year.“The way that extractive industries interact with African governments has to fundamentally change.”

De Beers defends long-term arrangements

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Namibian Sun 2025-05-07

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De Beers defends long-term arrangements

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Namibian Sun 2025-05-07

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