Namibia Diamond Trading Company (NDTC) said local rough diamond sales were marginally lower this year due to global economic uncertainties.
New Era newspaper quoted NDTC chief executive Shihaleni Ndjaba as saying that local Sightholders were expected to consume rough worth N$1.5 billion ($173 million) this year compared to N$1.6 billion ($184 million) in 2011.
“The challenges are further compounded by the amount of midstream rough and polished stocks in the pipeline, resulting in reduced demand for new rough in the short-term from NDTC sightholders,” he said.
Ndjaba said the local diamond industry faced several challenges including longer production cycles, bureaucracy, high labour and production costs in comparison to other cutting centres, as well as outdated legislation that further compound the demanding market conditions.
Meanwhile, NDTC sales manager Brent Eiseb said about 40 percent of Namibia’s total diamond production was processed locally by cutting and polishing companies.
He said Namdeb produced about 1.6 million carats this year.
“NDTC’s primary strategic objective is to drive local beneficiation from diamonds by growing and supporting the downstream diamond industry in Namibia, with the broad aim to ensure the maximum, long-term value from Namibian diamonds through world-class sorting, valuing and sales practices in Namibia,” said Eiseb.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
