Namakwa Diamonds (LON:NAD) announced today they have signed a co-operation agreement with the Andre Messika Group, a Paris and Tel Aviv based diamond producer.
Namakwa Diamonds is a vertically integrated diamond mining company, based in four African countries: South Africa, the Democratic Republic of Congo, Namibia and Angola. The deposits targeted by the Company are alluvial diamonds, including marine, but a recent kimberlite acquisition has been made in Lesotho which is consistent with Namakwa Diamonds' philosophy of a short resource delivery time. In April 2007, Namakwa raised $45m in a pre-initial public offering fundraising, and the IPO came to fruition in December 2007 raising $183m.
Its new partner, Andre Messika is a preferred wholesale diamond supplier to internationally recognised jewellery houses, as well as being a wholesale jewellery manufacturer and retailer with numerous outlets in Europe - the latest addition being an outlet in Gallery Lafayette, Paris.
Under the agreement, Namakawa will have access to Messika's manufacturing expertise and retail networks whilst Messika will source diamonds from specific Namakawa prospects in Southern Africa. Heno Kruger, Namakawa Diamonds' Head of Beneficiation, commented,
“This deal presents a significant partnership which will enable Namakwa to benefit from the commercial channels of a highly respected trading brand. The combination of Andre Messika's manufacturing expertise and retail network combined with Namakwa's mining, buying and beneficiation expertise will serve to extend the reach of fine gemstones to customers throughout the world.”
Kruger added:
"This is also a great strategic fit for Namakwa. Both companies have a rich heritage with experience in excess of 30 years within their specific trades, the proficiency of which has been conveyed from father to sons, in the case of Namakwa and father to daughter, in the case of Messika."
