By Victor Angula /
There is little sparkle in the Namibian diamond sector, as headwinds continue to pummel the industry and the dust is yet to settle after a fateful Saturday when daring robbers got away with millions worth of diamonds, while leaving behind a trail of blood and death at the premises of NAMDIA.
The incident, which took place in broad daylight at one of the country’s heavily-guarded companies, and the aftermath of which pointed fingers to some top diamond industry players, is currently playing out in courts and at police stations.
“The industry is experiencing significant challenges, including fluctuating demand and market uncertainties, which require us to carefully prioritize our resources at this time, said Namibia Diamond Trading Corporation (NDTC) communications officer Ms Helena Mootseng.
However, Namibia Desert Diamonds (NAMDIA) public relations and communications officer Ms Beverley Coussement said that the turbulence cannot be linked to the incident that happened at the NAMDIA premises earlier this year, which ended in the loss of lives and loss of millions worth of diamonds – and led to the suspension of the company’s chief executive officer and several top officials.
“The turbulence currently being referred to in the diamond sector is a global matter that started in mid-2023 and continued to date, largely driven by lower consumer demand specifically from China, rising inventories in upstream and midstream players and the rapid proliferation of lab-grown diamonds,” said Coussement.
“Producers worldwide responded by scaling back output to stabilise prices, while midstream manufacturers have had to adjust to tighter liquidity and changing demand patterns.
“While the robbery incident did affect NAMDIA’s immediate operations, it did not affect the whole diamond industry.
Coussement stated that they have been navigating this challenging period with resilience, ensuring continuity of their mandate and safeguarding national value.
A swift rebound for the diamond market is unlikely and stability will require continued restraint from leading producers in how much rough supply is released, she said.
“At the same time, stronger cooperation across the value chain, from mining to manufacturing to retail in promoting the unique story and value of natural diamonds will be vital.
“NAMDIA stands ready to contribute to these collective industry efforts, confident in the resilience of Namibia’s diamond sector and committed to ensuring that our diamonds continue to deliver lasting value for the nation.”
In the photo: Namibia Desert Diamonds (NAMDIA) public relations n communications officer Ms Beverly Coussement.
