Namibia Plans to Sell its own Diamonds with De Beers aka Rothschild*

Namibia Plans to Sell its own Diamonds with De Beers aka Rothschild*

Rothschild created De Beers in 1887, and through Anglo-American took over complete control from the Oppenheimer family in 2011…

By Cecilia Jamasmie

The government of Namibia confirmed Friday it is going ahead with its announced plans of setting up a company that will separately sell part of the diamonds mined by Namdeb Diamond Corp., the joint-venture it owns equally with Anglo American’s (LON:AAL) De Beers.

Speaking at the World Diamond Congress meeting last month, the country’s Minister of Mines and Energy Isak Katali said the idea is to give diamond dealers and manufacturers the opportunity to buy directly from locals, Rapaport reported.

The project follows the lead of neighbouring Botswana, which began trading 13% of the country’s gems in December, and it depends on a deal with De Beers.

Currently the precious rocks mined in Namibia by Namdeb, the 50-50 joint venture between the government and Anglo’s unit, are sent to De Beers sorting facilities in Botswana and mixed with other De Beers goods. After that, only 10% of the total sent is returned to Namibia, where they are sold through the Namibia Diamond Trading Company (NDTC).

Namibia is renowned for its gem quality placer diamonds that occur along the Orange River as well as onshore and offshore along its coastline.

Source*

In 1888, De Beers created a monopoly on all production and distribution of diamonds coming out of South Africa. By 1902 De Beers controlled 90% of the world’s rough diamonds and production and distribution.

The 21st century brought challenge, and Zaire, Russia, Canada, and Australia, justifiably had enough with De Beers reporting a 70%+ increase in profits for 2011.

Part of the British elite schoolboy’s network; in 2001 the US justice department convicted General Electric Co and DeBeers for conspiracy to raise prices in the $500 million-a-year industrial diamond industry. This resulted in a settlement of $295mn.

“The indictment charges GE and DeBeers, which account for 80 percent of the industrial diamond market, with conspiring to fix and raise prices worldwide.”

A $500 million-a-year industry that used a lot of ‘manufactured’ cheap labour. The labour force to work in the mines in South Africa has been ‘manufactured’ by instituting a poll tax which citizens had to pay. Working in the mines was a way to raise money to pay the poll tax.

Sources:

St. Antoninus Institute. South Africa’s De Beers: The Most Unethical Corporation in the World http://www.ewtn.com/library/business/antdebrs.htm

Zimnisky, Paul. A Diamond Market No Longer Controlled By De Beers. http://www.kitco.com/ind/Zimnisky/2013-06-06-A-Diamond-Market-No-Longer-Controlled-By-De-Beers.html

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