DiamondBuzz
PM Modi to visit Namibia; seeks to deepen economic ties in the diamond sector
Indian Prime Minister Narendra Modi is slated to visit Namibia on July 9, part of a five-nation tour that also includes Ghana, Argentina, Brazil, and Trinidad and Tobago. The trip marks Modi’s first official visit to the Southern African nation and underscores New Delhi’s ambition to deepen economic ties in the diamond sector.
While Indian firms such as Ankit Gems and KGK already run cutting and polishing units in Namibia’s capital, Windhoek, rough stones currently reach India indirectly via other global trading hubs. Modi’s visit is expected to pave the way for more direct diamond shipments, streamlining trade flows between the two countries.
Namibia ranks as the world’s fifth-largest diamond producer by value and volume, according to Kimberley Process data, and is especially known for its rich marine diamond reserves, estimated at over 80 million carats.
The agenda extends beyond gemstones. Modi is also set to discuss cooperation on critical minerals and uranium—resources vital to India’s clean energy ambitions and energy security. During the visit, he is scheduled to address the Namibian Parliament, signaling the strategic importance New Delhi places on closer engagement with Africa’s resource-rich economies.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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