Namibian President Netumbo Nandi-Ndaitwah has held discussions with De Beers Group Chief Executive Officer Al Cook on the future of Namibia’s diamond industry amid changing global market conditions and growing competition from synthetic diamonds.
Cook led a senior De Beers delegation on a courtesy visit to State House on Thursday, where talks focused on strengthening the long-standing partnership between Namibia and the global diamond producer.
President Nandi-Ndaitwah said cooperation in the diamond sector has, over several decades, evolved into a historic partnership grounded in mutual trust, shared value creation and responsible stewardship of Namibia’s natural resources.
The meeting according to the Presidency, also provided an opportunity to assess the outlook for the global diamond industry and to explore strategies to reinforce cooperation as the sector adapts to shifting market dynamics.
Discussions addressed emerging challenges facing natural diamonds, including declining prices and increased competition from lab-grown diamonds, as well as the need for closer collaboration among governments and industry stakeholders to protect the value and sustainability of natural diamonds.
The engagement reaffirmed support for the Luanda Accord, which calls for coordinated global action by diamond-producing countries and industry partners to promote and safeguard the long-term competitiveness of natural diamonds.
Cook said the meeting reinforced the enduring nature of the Namibia–De Beers partnership, which has navigated both strong and challenging market cycles.
“We have just had a productive meeting with the President. It was a very constructive discussion that builds on the long-standing partnership between De Beers and the Government of Namibia, which spans several decades,” he said.
He noted that the natural diamond industry is currently facing headwinds, including declining prices.
“What we discussed today was how the Government of Namibia and De Beers can work together going forward to strengthen the marketing of Namibian diamonds,” Cook said.
He added that De Beers is promoting Namibian diamonds internationally under the “Desert Diamonds” brand, targeting markets in the United States and other regions.
“We are taking Namibian diamonds to the United States and markets around the world, sharing their unique story and branding them as ‘Desert Diamonds’ to celebrate Namibia’s natural environment. Natural diamonds and synthetic diamonds are fundamentally different from one another,” he said.
The meeting comes as Botswana, Angola and Namibia have expressed interest in acquiring equity stakes in De Beers following Anglo American’s decision to divest its 85% shareholding in the company.
Anglo American announced plans to exit De Beers in May 2024 as part of a broader restructuring strategy after a failed takeover approach by BHP.
Botswana, which currently holds a 15% stake in De Beers, has indicated it is seeking a majority shareholding to secure greater control over an industry that contributes about a third of its government revenue.
Angola is pursuing a significant minority stake through its state-owned diamond company Endiama, with officials favouring joint ownership among African diamond-producing countries.
Namibia has also expressed interest in participating in an equity arrangement alongside Botswana and Angola, in line with calls for stronger producer-country participation in the global diamond value chain.
The Government of Namibia and De Beers currently hold equal 50% shareholdings in Namdeb and Debmarine Namibia, the country’s primary diamond mining operations.
