In her recent budget speech, Namibia’s Finance Minister, Ericah Shafudah, emphasized the urgent need for economic diversification as the country faces continued challenges in its diamond sector. She forecasted only 4.5% growth for 2025, a downward revision from the previously projected 5.4%. The diamond industry, which contributes about 10% of Namibia’s GDP, has been facing several headwinds, including weak global demand, particularly from key markets like China and the US, increased competition from Angola’s cheap rough supply, and the growing popularity of lab-grown diamonds.

The slump in the diamond sector has had a significant impact on domestic activities, with total revenue from diamonds halving in 2024. Debmarine Namibia, the joint venture between De Beers and the Namibian government, reported a 38% decline in its revenue last year. This decline has been reflected in the country’s tax revenues, with Namibia’s Revenue Agency (NamRA) forecasting a reduction of NAD 6 billion (approximately USD 330 million) for 2025.

Minister Shafudah’s speech highlighted the urgent need for diversification, with Namibia possessing exceptional solar energy potential, along with opportunities for growth in tourism, agriculture, and manufacturing. By focusing on these sectors, Namibia aims to reduce its reliance on diamonds and build a more resilient economy capable of withstanding fluctuations in global commodity markets.

Gold prices maintained their upward momentum on Wednesday, fueled by a combination of rising geopolitical tensions, concerns over the US economy, and the looming threat of tariffs from US President Donald Trump. These factors drove both domestic and international gold prices higher, as investors flocked to the precious metal as a safe-haven asset. The MCX gold contract for June 2025 opened with a significant gap-up at ₹91,229 per 10 grams, hitting an intraday high of ₹91,232, reflecting strong market reactions to Trump’s tariff threats.

In global markets, spot gold hovered around $3,125 per ounce, while COMEX gold futures stood at $3,155 per troy ounce. As Trump’s tariff announcements draw closer, gold prices found fresh demand near $3,110, with investors seeking a safe store of value amid the uncertainty surrounding global trade policies. The anticipation of tariffs led to renewed interest in gold, reinforcing its status as a hedge against geopolitical and economic risks.

The daily Relative Strength Index (RSI) has now entered the overbought zone, signaling that the current gold rally may need to be approached with caution. While the price surge reflects the broader market uncertainty, the overbought condition suggests the potential for a price correction in the near term. Despite this, gold’s appeal remains strong, particularly with the softening signs of the US labor market and growing expectations of interest rate cuts by the Federal Reserve, which could further support gold’s upward momentum.

However, any short-term reactions to US economic data or Fed actions may be short-lived, with the market’s primary focus on Trump’s upcoming “Liberation Day” and the announcement of new tariffs. The outcome of these geopolitical developments will play a crucial role in determining gold’s trajectory in the coming weeks. As tensions continue to build, gold remains a key asset in navigating the uncertainty surrounding global financial markets, with traders and investors closely monitoring every new development.

A remarkable 53.14-carat yellow diamond, set in a pendant and expected to reach up to CHF 3.1 million ($3.5 million), will be the star attraction at Phillips’ upcoming Geneva Jewels Auction IV on May 12. The internally flawless, fancy-vivid-yellow diamond, suspended from a round brilliant diamond, will lead the auction’s offerings, which will mark the 100th anniversary of Art Deco with a curated selection of rare and valuable pieces.

Alongside this extraordinary yellow diamond, the auction will feature items from prestigious design houses such as Van Cleef & Arpels, Cartier, Bulgari, Graff, and Buccellati, as well as pieces from renowned collections. Phillips will preview select items in cities including Hong Kong, New York, Singapore, and London.

Benoit Repellin, worldwide head of jewelry for Phillips, expressed excitement about the auction, highlighting the superb collection of colored gemstones and Art Deco masterpieces. Other standout items in the sale include a pair of D-Flawless diamond earrings, a Van Cleef & Arpels ring featuring a 7.10-carat Kashmir sapphire, and a heart-shaped fancy-vivid-orangey-pink diamond ring, among others.

The auction will also offer a range of rare gemstones, including a 122.77-carat Paraiba tourmaline, Burmese rubies, and a Serpenti wristwatch by Bulgari, all of which are expected to attract strong interest from collectors.