Namibia suspends diamond licenses.(FACETS)

Namibia's Ministry of Mines and Energy has suspended the granting of licenses for diamond cutting and polishing, according to The Namibian daily newspaper. The decision follows the signing of a five-year sales agreement between the government and De Beers in March.

Under the deal, 16 percent of Namdeb's rough diamonds will be provided to local cutting and polishing factories through the new Namibia Diamond Trading company (NDTC). The news led cutters and polishers from around the world to apply to the Ministry of Trade and Industry to set up operations in Namibia.

"No ...

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