DiamondBuzz
PM Modi arrives in Namibia; India seeks direct access to diamond reserves
Prime Minister Narendra Modi is visiting Namibia as part of his five-country outreach tour. Namibia, rich in minerals such as uranium and diamonds, holds strategic importance for India
Prime Minister Narendra Modi is visiting Namibia as part of his five-country outreach tour. Namibia, rich in minerals such as uranium and diamonds, holds strategic importance for India.
Modi is visiting Namibia at the invitation of President Nandi-Ndaitwah, the Ministry of External Affairs (MEA) said in a press release in New Delhi ahead of Modi’s five-nation tour to Ghana, Trinidad & Tobago, Argentina, Brazil and Namibia.During his visit, the prime minister will hold bilateral talks with President Nandi-Ndaitwah.
Namibia has the world’s richest known marine diamond deposits, estimated at over 80 million carats. Currently, Namibia’s rough diamonds reach India indirectly through hubs like London and Antwerp. During this visit, PM Modi is expected to explore ways to establish more direct diamond trade links between the two countries.
India has invested more than $ 800 million (about ₹ 6,600 crores) in Namibia in many sectors including mining, manufacturing, diamond processing and services.Apart from diamonds, cobalt, lithium and rare earth elements and minerals are found in Namibia, which are important for India to move towards clean energy.
Bilateral trade has shown strong growth. In 2022-23, trade stood at $278 million, with India’s exports at $240 million. From April to November 2023, two-way trade surged by 178%, reaching $654 million. India’s exports totaled $418 million, while imports from Namibia were $235 million.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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