Stefanus Nashama
Namib Desert Diamonds (Namdia) has strongly appealed to Namibian lawmakers to consider extra efforts to speed up the processes of drafting and passing the Diamond Bill to enable the company to contribute to economic growth, employment creation and expertise.
Namdia said that the bill which is currently in the draft stage should be passed since the company generates much of its income from the export of rough diamonds with low local participation.
This follows a recent decision by the government to ban the export of raw materials, a strategy to encourage economic growth and employment creation.
During consultations between Namdia and the Parliamentary Standing Committee on Natural Resources last week, the company told the lawmakers that it is only able to make more income if the Parliament passes the diamond bill and put constructive measures in place to regulate the diamond business industry.
This is because the company depends on the exportation of diamonds for its income, where it is now limited to foreign customers due to the country’s banning exportation of raw materials.
Namdia Board of Directors Chairperson Bryan Eiseb, informed the Parliamentary Committee, that they are expecting lawmakers to finish with the diamond bill proposal and take it to Parliament for its approval, or else the diamond industry will suffer the consequences.
Eiseb stated that the approval of the bill will enable the implementation of deliberate measures to encourage more local participation in the value chain, which is currently lacking and affecting the business.
This, Eibeb said will play a major role in the creation of significant employment opportunities, and other benefits within the diamond sector.
“Namibia produces diamonds of high value but we employ fewer people compared to India which can employ up to 8000 people per factory without the country producing a single stone. We have to think outside the box and find ways to increase beneficiation locally”, Eiseb submitted to lawmakers.
The Parliamentary Standing Committee members were familiarising themselves with the operations of Namdia.
According to Eiseb, the impact of synthetic diamonds, the Russia-Ukraine and Israel-Hamas conflicts among others, remain challenges that continue to affect diamond prices.
Eiseb further revealed that for the period of 2022 to 2025, the entity has over 36 clients mostly from Belgium, the United Arab Emirates, India, Israel, and the United States of America.
In 2022, the company generated revenue totalling over N$3 billion, paid income tax and export levies of over N$230 million, and declared dividends of N$300 million to the government. So far the company has invested more than N$41 million in the education, health and sports sectors.
