Windhoek: Namibia is setting up new diamond sales and marketing company, according to reports in the Namibian press. The new company is called /Nore /Uis and was revealed by the country’s Minister of Mines and Energy Obed Kandjoze, reported New Era.

The move follows a change in the sales and marketing agreement between the Namibian government and De Beers, which will allow Namibia to sell its goods outside of the pre-existing De Beers’ channels.

One of the facets of the new sales agreement is the removal of De Beers’ “delivery entitlement” clause, which enabled it to regulate the flow of Namibian diamonds in the international market.

“That clause is out of the new agreement, meaning De Beers will not set the price as was provided by the clause,” the minister told New Era. “We will not be obliged to do business along those lines anymore.”

The new agreement will increase the supply of rough goods to the local market, increasing availability from the current 10 percent given to the Namibia Diamond Trading Company (NDTC), to between 25 percent and 30 percent. The minister told New Era that the new entity would not be competing with NDTC.