De Beers, Namibia launch world's biggest diamond exploration ship

19 June 2017 - 60   - 0

Anglo American's (AAL.L) diamond unit De Beers on Thursday launched the world's largest diamond exploration vessel off the coast of Namibia as it looks to maintain high production levels until 2035.

The 12,000-tonne, 113-metre-long SS Nujoma was built at a cost of $157 million and is named after Sam Nujoma, Namibia's founding president.

"I am very, very confident this (vessel) will allow us to continue to extract 1.2 million carats a year," De Beers CEO Bruce Cleaver told Reuters by telephone.

He said he was "cautiously optimistic" about diamond sales in 2017 and in terms of value there have been "some small positive movements" but it was too early to declare a trend.

The SS Nujoma, the world's largest diamond exploration vessel, is seen in this undated archive Handout photograph

The SS Nujoma, the world's largest diamond exploration vessel, owned by De Beers, is seen in this undated archive Handout photograph provided to Reuters, June 15, 2017. De Beers Group/Handout via Reuters

Anglo American and De Beers rely heavily on diamonds. Anglo American says they are central to its portfolio of assets as they tend to hold value when bulk commodities fall in price.

Diamonds are also important to Namibia as they generate 20 percent of its foreign export earnings. Namibia receives 80 cents of every Namibian dollar generated by Debmarine Namibia, its 50:50 joint venture with De Beers.

Marine diamonds are particularly prized. They are generally more valuable than land-based stones because lower quality gems are washed away by waves.

Debmarine Namibia produced 1.2 million carats of diamonds in 2016, a level De Beers says it can maintain until 2035 when its license expires on a 6,000 square km area.

  Comments - 0

  • Leave a comment

Top Stories

President as Chief Guest at Pakistan Republic Day celebrations

President Maithripala Sirisena attended the Pakistan Republic Day celebrations which were held in Islamabad, today on a grand scale  as the Ch...

23 March 2018 - Views : 73

New Chairman of Central Environmental Authority appointed

23 March 2018

Sarkozy will appeal restrictions in Libya probe: lawyer

23 March 2018

Police seize champagne and wine worth Rs.50 million

23 March 2018



Features & Analysis

Easter sale at the Dutch Burgher Union

Once again The Dutch Burgher Union has organized its annual Easter Sale on Sunday, March 25, 2018 from ...

Colombo Fashion Week Day 1

Day One of Colombo Fashion Week’s main designer showcase for 2019 Spring/Summer season t...

Little Girl Giant Puppet's public performance at the World Puppet Day Celebrations

The Little Girl Giant Puppet of Sri Lanka will have its public premiere at the World Puppet Day Celebrations on Satur...

British School in Colombo presents 'Anything Goes'

This March, the British School in Colombo hopes to take audiences back in time to style of theatre and music that wil...