£163.57m
-4.00p
140.50p
Namakwa Diamonds Limited
24 April 2008
24 April 2008
LSE: NAD
Namakwa Diamonds Announces Agreement with Harry Winston Inc.
Namakwa Diamonds Limited ('Namakwa' or the 'Company') today announced it has
signed a marketing agreement ('the Agreement') with Harry Winston Inc. ('Harry
Winston'), the premier jewellery and timepiece retailer, whereby Namakwa will
supply Harry Winston with polished diamonds suitable for sale through their
salons worldwide and Namakwa will have the opportunity to benefit from the
retail pricing of certain diamonds sourced through Namakwa. The combination of
Harry Winston's retail network and Namakwa's mining, buying and beneficiation
expertise will serve to extend the reach of our fine gemstones to customers
throughout the world.
Through the Agreement, Harry Winston secures greater access to a regular supply
of quality diamonds consistent with Harry Winston's positioning as the
pre-eminent purveyor of "rare jewels of the world" from the increasingly
important territory of Southern Africa, where it currently has no buying
activities and where Namakwa is a well known diamond company with over 30 years
experience. With knowledge provided by Harry Winston's client demand for
specific types and qualities of diamonds, Namakwa will be able to source
suitable diamonds from its mining and buying channels.
Nico Kruger, Chief Executive Officer of Namakwa said, "This is a landmark
agreement for Namakwa. It confirms the value inherent in our vertically
integrated model and we are proud to be associated with the leading retail brand
name for high quality diamond jewellery. The agreement will yield substantial
value to both businesses and we have already started assessing our inventory to
identify the first series of stones to be distributed via Harry Winston's retail
network."
For further information please contact:
Namakwa Diamonds - Nico Kruger
Tel: +27 11 334 8886
Taylor Rafferty - Rob Newman
Tel: +44 207 614 2900
About Namakwa:
Following its successful Initial Public Offer on December 19, 2007 on the London
Stock Exchange, Namakwa Diamonds is the only quoted vertically integrated
diamond mining company. Its strategy of backward integration from its 30 years
of beneficiation experience into mining has created a unique public investment
proposition. Namakwa Diamonds has a diversified portfolio of diamond projects,
which includes five distinct diamond resource target areas. These are located in
four African countries, namely; South Africa, the Democratic Republic of Congo,
Namibia and Angola. Namakwa's projects are located within historically
prospective geological environments. Alluvial diamond deposits constitute the
primary focus of the company, whilst kimberlite opportunities will be considered
if they represent an advanced stage of development, consistent with Namakwa's
philosophy of a short resource delivery time as provided by its alluvial diamond
mines.
About Harry Winston:
Harry Winston Diamond Corporation (TSX: HW; NYSE: HWD) is a specialist diamond
enterprise with assets in the mining and retail segments of the diamond
industry. The company supplies rough diamonds to the global market from its 40%
interest in the Diavik Diamond Mine, located in Canada's Northwest Territories.
The company's retail division, Harry Winston Inc., is a premier jewelry and
timepiece retailer with salons in key locations including New York, Paris,
London, Beijing, Tokyo and Beverly Hills. For more information, please visit
www.harrywinston.com or for investor information, visit
investor.harrywinston.com
This information is provided by RNS
The company news service from the London Stock Exchange