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In 2017, after a decade as chief operating officer and board member at Gemfields a coloured gemstone mining company, Dev Shetty took the courageous step of starting, from scratch, a mining company. He named it FURA Gems. Today, it is one of the largest...

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Igor Kulichik: The diamond market is now in the initial phase of turbulence

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There is a classic phrase: “Art is an Ambassador of Peace.” And this is true

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Namdia targets foreign diamond markets

30 march 2018
Namib Desert Diamonds (Namdia) said it will export its annual 15 percent entitlement of diamonds produced by Namdeb Holdings in line with the marketing and sales agreement signed between Namibia and De Beers in 2016.
Under the sales agreement the Namibia Diamond Trading Company (NDTC) sells the country’s rough stones, on behalf of Namdeb Holdings, to De Beers for its 85 percent entitlement and the rest to Namdia.
De Beers in turn sells part of its entitlement to sightholders in Namibia and takes the remainder to Gaborone for aggregation.
“Our 15 percent, or a minimum of $150 million, was earmarked for international sales and not for the local market,” company chief executive Kennedy Hamutenya was quoted as saying by a local newspaper, New Era.
“This was a deliberate policy decision by the government in order to make inroads into the international market and reduce our reliance on the middleman in selling our stones. This was done to give us better insights into this very secretive and opaque industry.”
He said Namdia does not deal in or handle diamonds mixed with those of other producing nations.
“When a client is buying Namdia diamonds they can be guaranteed that they are buying a 100 percent Namibian-mined diamond,” said Hamutenya.
“This is particularly important for those clients who want to give assurance to their end user client that they know the source of the diamond – that it was not involved in child labour, that it is not tainted as a conflict or blood diamond and that it has no links with money laundering or financing of terrorism.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished