Namib Desert Diamonds’ (Namdia) outlook for the Namibian diamond industry in 2018 is positive despite a few challenges.
In a media statement, Namdia Chief Executive Officer Kennedy Hamutenya said the industry remains firm despite challenges such as the long-term demand for natural diamonds in light of the introduction of man-made synthetic diamonds.
“We in Namibia stand strong on the evidence that we have some of the finest high quality gemstones in the world for which there will always be a demand”, he said.
“That demand allows us to fetch a premium price for our stones, through which we can meaningfully contribute towards the socio-economic development of our country”, Hamutenya added.
The CEO expressed confidence that the country will remain relevant for a long time in the global diamond industry.
Established by the government in 2016, Namdia is tasked with determining the price of Namibia’s rough diamonds on the international market. This implies that Namdia can go outside of the traditional sales system to market the diamonds.
According to Hamutenya, Namdia can play a significant role in entrenching Namibia’s economic independence.
Since its establishment, the company has made notable strides, including short-term achievements such as the appointment of its board of directors and the executive management team and the completion of its own building to operate from in the capital.
It has also completed over 14 diamond sales transactions.
Namdia was established in line with the signing of a marketing and sales agreement by the Government and the De Beers Group, concluding negotiations which dated back to 2014.