STATE-OWNED Namib Desert Diamonds (Namdia) has publicly called for new buyers of their precious stones to be part of their clientele for 2021 to 2023.
The state-owned company has in the past been accused of secretly selling diamonds worth billions of dollars cheaply to Middle Eastern companies.
However, since 2018 they have become more open about their clientele, as they now place adverts in the media calling on potential buyers.
Applicants are required to pay a non-refundable administrative fee of US$10 000 with their application.
According to the company’s annual report for 2019 to 2020, their profits dropped by 41%, and they made 10 sales totalling about 253 000 carats at US$528,68 per carat.
The company’s spokesperson, Beverley Coussement, says their selection process is as follows: Namdia invites all interested parties in the industry to apply to be listed as a client in the company’s database every second year.
“We then assess the clients by performing comprehensive background checks and financial sustainability checks, as per the client-selection policy. Only a select number of clients are approved as Namdia clients,” she says.
Coussement says cross-checks for completeness are received and the company keeps record of all applications submitted.
“All documents submitted by applicants are verified to ensure all the required documents are in place. If not, the applicant is requested to submit them before the closing date for applications,” she says.
Coussement says a client selection committee comprising Namdia exco members conduct the assessment of all the applications and do the shortlisting.
“Additional due diligence is conducted on shortlisted applicants, which includes full visitations to their operations,” she says.
The spokesperson says applicants must have a vertically integrated business model, be financially sustainable, be in compliance with all the laws and regulations of their jurisdiction, and must be licensed diamond dealers.
Email: bottomline@namibian.com.na
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