A new multi-million dollar diamond company of the Russian-Israeli Lev Leviev group was launched in Namibia on Tuesday, to exploit millions of carats of diamonds off the Namibian shore. Sakawe Mining Corporation (SAMICOR) wants to build up a minimum reserve of 1.2 million carats over the next 30 months, the company’s CEO, Eli Nefussy said at the launch in Windhoek.

The investment includes 13 offshore mining licences and 4 vessels, some bought from the Namibia Minerals Corporation (NAMCO), which went into liquidation in 2001. SAMICOR bought the shares of NAMCO and its subsidiary, Island Diamonds, becoming the holder of 13 mining licences and 23 exploration licences totalling 14,606 square kilometres. Exploration starts this month and mining in May, with sampling in the ocean bed. The Leviev group is believed to be an archrival to De Beers belonging to the Oppenheimer clan. Total investments between 2003 and 2006 will amount to 46.2 million US dollars (approx. N$ 324 million). So far, 260 people are employed, mainly former NAMCO workers. Leviev already invested US $ 60 million in Angola from 1996 to inter alia buy a 16% stake in Angola’s largest diamond mine, after that government took it back from UNITA rebels. According to the US Forbes Magazine, Leviev had his diamond mines in Angola guarded "by former Israeli intelligence agents." Leviev further bought a 49 % shareholding into the Angolan diamond selling and marketing corporation, Ascorp and gave the remaining 51% stake to the dos Santos government. Apparently the Leviev company had to buy up US $ one billion’s worth of rough diamonds from Angolan diggers each year, which allegedly was a strain, top prices could not always be paid, leading to increased diamond smuggling. According to Forbes Magazine, this caused the Luanda government to quit the Ascorp partnership with Leviev in August 2004. Leviev further owns Africa-Israeli Investments and the Tahal Group. Forbes says he will finance a US $ one billion property development project in Russia over the next 4 years, including 3 office high rise buildings in Moscow and large residential complexes in new York, Dallas and San Antonio.