Uncertainty grows over Namibia’s diamond industry as De Beers valuation falls

[PODCAST]

Namibia’s diamond industry is facing renewed uncertainty after parent company Anglo American cut the valuation of De Beers to US$2.3 billion amid weakening global demand, competition from lab-grown diamonds and broader economic pressures, raising concerns for joint ventures Namdeb and Debmarine Namibia under Namdeb Holdings.

Speaking to Desert FM, former finance minister Calle Schlettwein says speculation that Namibia could increase its stake as Anglo moves to divest has significant implications for the national fiscus.