Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

Yesterday

The jewelry industry in Russia needs to be upgraded in a serious way

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Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

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27 september 2021

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Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Namibia’s diamond production and exports in 2006-2020: from one crisis to another

05 october 2020

Diamond production and exports in Namibia

Namibia is among the largest global diamond production countries and exporters (Table 1).

Table 1

Diamond production and exports in Namibia, 2006-2020.

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Prospects for the development of the diamond business in Namibia

The current stage of the diamond business development in Namibia is characterized by the following factors:

1. Namibia’s offshore rough diamonds are beyond competition as they are brought to the bottom of the Atlantic Ocean in the safest form, and their extraction using mining vessels is not very expensive and the value of one carat is several times higher than that of the diamonds mined from the kimberlite rocks in Africa.

2. The government of Namibia has urge the local cutting companies to ramp up their polished diamond manufacture in order to cut and polish at least 90% of the rough diamonds produced in Namibia.

3. The analysis of the Namibia’s diamond production since 2006 shows that the country overcame the 2009 global crisis without much effort due to the high quality of the rough diamonds produced and the relatively small volume of easily processed sand.

4. The central bank predicts that the Namibia's diamond production will decline by 14.9% in real figures in 2020 due to the expected drop in demand, which is exacerbated by logistical interruptions for auction sales due to the travel restrictions and border closures all over the world.

Yury Danilov, Ph. D., independent expert and analyst