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Namdeb says seeing signs of recovery in demand for rough diamonds

07 september 2009

Namibia's diamond cutting and polishing industry is showing signs of recovery with a rise in demand for rough diamonds from buyers in the country, according to the Namibia Diamond Trading Company (NDTC), Antwerpfacetsonline reported.
Like other diamond-producing countries, Namibia has suffered badly from the global slump in demand for diamonds.
NDTC Sales and Marketing Manager Paulus Shituna, said the firm has "seen some signs of recovery in levels of demand for rough diamonds over the last few sights," in comments cited by the New Era newspaper. NDTC holds 10 scheduled sights annually.
The NDTC is jointly owned by the government of Namibia and De Beers.
Shituna added that the NDTC “remains cautiously optimistic about the long-term sustainability of these levels of demand given what we have experienced since October 2008”.
Namdeb mined 2.1 million carats of diamonds last year, but has only been able to sell 1.6 million carats due to plunging demand for diamonds.