Mines and Energy Minister Natangue Ithete says Namibia’s diamond industry continues to hold significant potential for socio-economic development, despite global market challenges.

Responding to questions in Parliament from LPM MP Eneas Emvula, Ithete acknowledged that the global diamond sector is experiencing a serious market downturn.

Emvula raised concerns over the Namibia Diamond Trading Company's (NDTC) recent revocation of sight holder status for three local diamond polishing companies in 2024 — including Almond Diamond, which employed 115 Namibians and was known for pioneering a globally recognized cutting technique.

Explaining the decision, Ithete said:

“The Sight Holders’ inability to continue satisfying the Compliance Criteria as set out in the NDTC Supply Agreement… the inability to satisfy the minimum purchase requirements… and the inability to compete either through the purchase of rough diamonds or relative beneficiation performance for a minimum rough diamond supply level,” led to the termination.

He added that in the past, the NDTC, Ministry of Mines and Energy, and the Diamond Manufacturers Association of Namibia worked together to find alternative placements for employees affected by retrenchments in the sector.

“I am confident the ministry will be able to minimize job losses in the event of the imminent closure by any cutting and polishing factory,” said Ithete.