International News
Namibia’s Finance Minister Calls for Economic Diversification as Diamond Sector Weakens
Minister Shafudah Foresees Modest Growth for 2025 Amid Diamond Revenue Decline and Urges Focus on Alternative Sectors
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.
International News
Mehul Shah (WFDB/BDB) and Kirit Bhansali (GJEPC) Elected To CIBJO Board Of Directors At Centenary Congress In Vicenza
Indian Now Has Four Representatives On Board Of The World Confederation. Enhanced Collaboration Will Increase Transparency and Strengthen Consumer Confidence.
Mehul Shah, President WFDB & Vice President BDB, and Kirit Bhansali, Chairman GJEPC were elected by the CIBJO General Assembly to the Board of Directors of The World Jewellery Confederation (CIBJO) at the organisation’s Centenary Centenary Congress which concluded in Italy on September 7. They join Pramod Agarwal, former GJEPC Chairman, who was re-elected as Vice President of the global body and Vaishali Banerjee, MD India of PGI was also elected to the Board.
Dr Gaetano Cavalieri was re-elected unopposed as President, while Jonathan Kendall and Kenneth Scarratt were re-elected to the other two posts of Vice President. The Board has a total of 30 members.
CIBJO is the oldest global organization in the world gem and jewellery industry and is acknowledged for its stellar role in helping standardize guidelines and nomenclature used by the gem and jewellery trade worldwide. The organization publishes Blue Books and Retailer’s Guides for different industry verticals, drafted by members of its Trade Commissions who are experts in their fields. These are regularly updated at the World Congresses, which are held every few years.
Mehul Shah, who addressed the Opening Session of the Centennial Congress, congratulated the body on being recognised by the United Nations Economic and Social Council in 2006 as a technical expert and advisor, and called for stronger collaboration between CIBJO and diamond industry bodies like WFDB and BDB.
During the Congress deliberations, Mr Shah also strongly urged the body to adopt clear guidelines to differentiate gemstones produced in the laboratories that may appear identical to natural gemstones.
MR Shah said:
“There is a need for greater clarity and transparency in communicating these differences to the consumers so that they understand that these are actually two different products and address different consumer bases.”
Mehul Shah focused on the strong growth in the Indian market where demand was increasing about 10% year-on-year. “India is now the second largest consumer market in the world. “The election of a number of leaders from Indian trade bodies to the CIBJO Board is significant, because our country is both a leading manufacturer-exporter of diamonds, jewellery and coloured gemstones, as well as a rapidly growing consumer market for these products,” Mr Shah said soon after the election.
He endorsed the other panellists’ views that demand and prices were stabilising worldwide. The panel also urged the industry to boost its marketing activity.
He pledged to strengthen the collaboration between the global diamond industry and CIBJO across the world and in India, and work for enhancing consumer confidence in the gem and jewellery industry.
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