Helga Pombal: Angola's Stardiam finds solution to the threat posed by lab-grown diamonds

Stardiam manager of production Helga Pombal told Rough&Polished's Mathew Nyaungwa on the sidelines of the Angola International Diamond Conference that lab-grown diamonds are creating a parallel market for more accessible stones, combined with lower...

11 november 2024

Ellah Muchemwa: ADPA to launch Africa's first diamond mining standard next year

The African Diamond Producers Association (ADPA), which is based in Luanda, Angola, and represents the interests of mainly African diamond producers and those with the potential to produce diamonds, will next year launch the Sustainable Development...

04 november 2024

Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future

Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...

28 october 2024

Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki

The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...

14 october 2024

James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration

London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...

07 october 2024

Namibia scraps empowerment bill clause for 25% black stake

13 april 2018
Namibia has dropped a clause in its economic empowerment framework that would have forced white businesses to sell a 25 percent stake to previously disadvantaged blacks.
President Hage Geingob was quoted by Reuters as saying during his state of the nation address Wednesday that the revised National Equitable Economic Empowerment Framework (NEEEF) draft bill would be proposed in Parliament before the end of the year.
“The 25 percent equity stake will not translate into broad-based empowerment and is done away with,” he said.
Geingob said most Namibians do not have enough resources to invest in empowerment transactions, nor are they able to obtain access to funding to participate in such transactions.
He said there was need for government to create a conducive business environment where owners, whether black or white can participate in equity transactions under NEEEF as long as they afford risk capital.
“We must strive towards inclusive broad-based empowerment focusing on the plight of farm workers, domestic workers, women, the youth and all disenfranchised Namibians,” said Geingob.
“Employee share schemes are one of the most effective forms of broad-based empowerment. I encourage such an approach.”
Business lobby groups had expressed reservations about the clause forcing white business to sell shares to blacks.
Zimbabwe, which had close ties with Namibia, recently scraped its empowerment law, which forced mining companies to sell or transfer 51 percent stakes to black citizens.
The law was, however, still in place for diamonds and platinum.

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