GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...


Platinum’s rare nature gives it additional value and appeal

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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23 august 2021

Namdia takes control of Namgem, engages Indians as technical partners

27 november 2020
Image credit: Namdia

Namibia's state-owned diamond trading company, Namib Desert Diamonds (Namdia) has taken control of the Namgem Diamond Manufacturing Company after it paid N$30 million ($1,85 million) to businessman Maurice Templesman.
Namgem was equally owned by the state and Lazare Kaplan International, a company owned by Templesman, an American diamond merchant. 
The Namibian newspaper reports that Namdia had bought into the loss-making diamond manufacturer despite lacking the technical capacity to run the factory. 
Namdia also passed on the management of the company to an unnamed Indian company as a technical partner.
"Namdia presently does not possess the skills and abilities to run a diamond-cutting factory. In order to de-risk the operation, so as to not incur potential losses, a technical partner was appointed to operate on own account and at own risk," the company was quoted as saying.
Namgem, which is chaired by Namdia's chief executive officer Kennedy Hamutenya, had been posting losses in the past four years and was bailed out by shareholders.
Namdia had since June 2019 bailed out Namgem with about N$5,5 million.
"We did not want the company to shut down entirely, and jobs lost, so we approached Namdia to buy the other half," mines minister Tom Alweendo was quoted as saying last month.
"This was the reason we approached Namdia; maybe they can turn it around."

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