Bigger gems for local market
Local NDTC sightholders will now be able to polish bigger diamonds than was previously available on the local market.
This follows the signing of a ten-year sales agreement that will see 10-carat diamonds sold, cut and polished locally.
No specific mention was made of any of the 12 sightholders, including the government's new diamond company Namdia, with regard to the distribution of bigger gemstones.
Commenting on the opportunities the new agreement has created, Namibia Diamond Trading Company (NDTC) chief executive officer Shihaleni Ndjaba said: “The new agreement now sees 10-carat diamonds being distributed locally. It is a laudable opportunity. We are now seeing progress in the diamond beneficiation process.
“I am glad to report that we have now seen some upward movement. The latest sales agreement has created new opportunities. More diamonds are now available for the local industry.”
Ndjaba was also happy to point out that the NDTC had sold approximately N$26 billion worth of diamonds and paid dividends of N$1.7 billion to its shareholders - the government and De Beers - while also paying N$1.1 billion in taxes in its ten-year history.
“The NDTC is 100% localised. We have noted a reduction in expatriate staff over the years,” said Ndjaba.
“There are now 700 jobs [in the diamond cutting and polishing industry]; there were times when there were over 1 200 jobs. It is picking up again.”
Commenting on other diamond matters, NDTC marketing manager Brent Eiseb said: “It will be a stable year. Obviously demand for jewellery is very much linked to GDP growth in China, the United States and Europe.
“Demand in the US has been very stable and that economy has seen a sustained recovery and subsequently we have seen good demand from that side.
“The Trump-led reforms on tax will help the diamond industry.
“If those reforms come through we should see more demand from there.
“Retailers in China are much more confident, from what we see. They are in a much better position to do restocking if you look at other consumer markets.
“We should see India take its place as a consumer. We should see stability coming back ... in the volatile market we operate in. We are looking at another solid 2017.
“Volatility is still there; we have to try and mitigate risk. The industry is however in a much better position to deal with external shocks,” said Eiseb.
This follows the signing of a ten-year sales agreement that will see 10-carat diamonds sold, cut and polished locally.
No specific mention was made of any of the 12 sightholders, including the government's new diamond company Namdia, with regard to the distribution of bigger gemstones.
Commenting on the opportunities the new agreement has created, Namibia Diamond Trading Company (NDTC) chief executive officer Shihaleni Ndjaba said: “The new agreement now sees 10-carat diamonds being distributed locally. It is a laudable opportunity. We are now seeing progress in the diamond beneficiation process.
“I am glad to report that we have now seen some upward movement. The latest sales agreement has created new opportunities. More diamonds are now available for the local industry.”
Ndjaba was also happy to point out that the NDTC had sold approximately N$26 billion worth of diamonds and paid dividends of N$1.7 billion to its shareholders - the government and De Beers - while also paying N$1.1 billion in taxes in its ten-year history.
“The NDTC is 100% localised. We have noted a reduction in expatriate staff over the years,” said Ndjaba.
“There are now 700 jobs [in the diamond cutting and polishing industry]; there were times when there were over 1 200 jobs. It is picking up again.”
Commenting on other diamond matters, NDTC marketing manager Brent Eiseb said: “It will be a stable year. Obviously demand for jewellery is very much linked to GDP growth in China, the United States and Europe.
“Demand in the US has been very stable and that economy has seen a sustained recovery and subsequently we have seen good demand from that side.
“The Trump-led reforms on tax will help the diamond industry.
“If those reforms come through we should see more demand from there.
“Retailers in China are much more confident, from what we see. They are in a much better position to do restocking if you look at other consumer markets.
“We should see India take its place as a consumer. We should see stability coming back ... in the volatile market we operate in. We are looking at another solid 2017.
“Volatility is still there; we have to try and mitigate risk. The industry is however in a much better position to deal with external shocks,” said Eiseb.
Comments
Namibian Sun
No comments have been left on this article