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Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...

13 july 2020

The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

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06 july 2020

Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Namibia economy to contract by 5% in 2020 as diamond exports drop

24 june 2020
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Image credit:  Stuart Miles (Stockvault)

The Namibian economy is set to contract by a record 5% in 2020 despite the easing of temporary disruptions to the mining sector and an acute drought which led to a 1.1% decline in 2019, according to Fitch Ratings.
It said in a rating action commentary that the fall in global demand for luxury goods and manufacturing inputs as well as disruption to the global gemstone supply chain are dampening exports of diamonds and other mining products. 
Fitch has forecast Namibia’s GDP to rise by 3% in 2021, assuming a near-term easing of disruption from the health crisis. 
“However, the medium-term growth outlook remains subdued, reflecting weak activity in key partners South Africa and Angola, the depletion of onshore diamond and zinc deposits and fishery stocks, as well as strained water supply,” it said.
Namibia's GDP has fallen by an average of 0.2% per year in 2016-2019. 
Protracted economic weakness and currency depreciation have led to significant deterioration in GDP per capita in US dollar terms, and Fitch has forecast a 25% drop below its 2012 peak.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished