Sakawe Mining Corporation (Samicor), a subsidiary of the Lev Leviev group of companies, has obtained 36 mining concessions from the Namibian government. The concessions are potentially worth $180 million.
The deal strengthens Leviev's challenge to De Beers Diamond Trading Company (De Beers), which controls over 40% of the world's diamond mines. Leviev's control of Namibia's diamonds adds to his exclusive rights in other African countries obtained in recent years.
The international rough diamond market considers the Namibian concession of paramount importance, because of the size and quality of the country's diamonds. The rough diamonds found on Namibia's seafloor are considered of the highest quality, worth up to $150 per karat.
Leviev announced the deal in a rare announcement today, and confirmed that an agreement had been signed with the Namibian government. Leviev estimates that at least 12 million karats of diamonds will be found in his Namibian concessions.
The Leviev group of companies owns LLD (Lev Leviev Diamonds), Israel's largest diamond exporter, with over $570 million in exports in 2003. Diamond industry sources estimate that Leviev supplies almost $1 billion in rough diamonds from his concessions around the world to Israeli diamond merchants.
Published by Globes [online] - www.globes.co.il - on February 10, 2004