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.

These exceptionally rare gems—known for their vivid hues of pink, blue, yellow, green, and red—now rank among the most sought-after and resilient assets in the natural diamond market.

Representing just 0.01% of all natural diamonds mined, fancy colour diamonds have captured growing interest from collectors, luxury jewellery houses, and investors. Data from the FCRF shows that pink diamonds have skyrocketed in value by nearly 394% over the past two decades, while blue diamonds have risen by over 240%, and yellow diamonds by almost 50%. Overall, fancy colour diamonds have posted a compound annual growth rate (CAGR) of 5.7%.

Once considered a niche category, these vibrant stones now feature prominently in high-profile auctions and luxury jewellery collections. Recent standout sales include the 10.03-carat Mediterranean Blue diamond, which fetched $21.4 million at Sotheby’s Geneva—more than $2.1 million per carat—and the historic 10.38-carat Marie-Thérèse Pink, sold at Christie’s New York for nearly $14 million.

Auction houses are increasingly showcasing a broader selection of fancy colour diamonds, driven by both aesthetic allure and their perceived long-term investment value, especially in today’s uncertain economic climate.

Supply remains extremely limited, with fancy colour diamonds mined in only a few regions globally—such as Canada, Botswana, South Africa, Sierra Leone, and the now-closed Argyle mine in Australia—adding to their exclusivity.

As luxury consumers place greater emphasis on rarity, provenance, and artistry, fancy colour diamonds are expected to maintain their prominence. With upcoming events like Paris Haute Couture Week, these extraordinary gems are poised to continue leading trends in high jewellery, elite auctions, and alternative investments.

Karpinsky-2 holds more than 40 million tonnes of diamond-bearing ore and was first evaluated in 2018 through pilot mining operations, which confirmed its commercial viability. Preparatory work for full development began earlier this year, and the project officially moved into the design phase during a recent visit by ALROSA CEO Pavel Marinychev.

Marinychev, who personally launched the design stage, also assessed Severalmaz’s performance for 2025 during his visit. In the first five months of the year, the company surpassed its ore extraction targets and improved operational efficiency, resulting in a 9.4% increase in ore processing. These gains translated into the production of more than 1.2 million carats of rough diamonds.

The CEO also reviewed progress on a new water recycling system at the Lomonosov processing plant and emphasized the importance of completing a gym facility for workers at the shift village by year-end, highlighting the company’s focus on both sustainability and employee well-being.

“I am sure that the work of the Severalmaz team will drive the enterprise’s continued growth. We remain committed to providing safe working conditions and contributing to the development of the Arkhangelsk region,” Marinychev stated.

ALROSA, which produces about 30% of the world’s diamonds and 90% of Russia’s output, reported production of 33 million carats in 2024. The company’s proven reserves exceed 1 billion carats, solidifying its position as the global leader in diamond mining.