Prominent economist Robin Sherbourne has advised the Namibian government to consider exiting its joint venture with De Beers, urging the nation to buy out Namdeb and independently market its high-grade natural diamonds.
Speaking in Windhoek on the state of the domestic economy, Sherbourne raised critical questions regarding the current setup—where 50/50 joint venture Namdeb aggregates its premium stones alongside lower-value global yields. With 95% of Namibia’s diamonds classified as gem-quality, Sherbourne argued that mixing these superior stones with lower-grade gems drags down their true market value.
The proposal comes amid a shifting market landscape. The surge in lab-grown alternatives has driven natural diamond prices down dramatically over the past four years, causing De Beers’ valuation to plunge from over $9 billion to roughly $2 billion. Parent firm Anglo American has been actively pursuing a sale of its stake in De Beers.
Rather than remaining tied to the traditional De Beers system, Sherbourne proposed that Namibia position itself as an exclusive, high-end niche producer—partnering directly with key international processing hubs, such as Indian cutters and polishers. Echoing this shift toward exclusivity, Namdia founding CEO Kennedy Hamutenya highlighted that natural diamonds must now establish themselves within the ultra-luxury segment, leveraging rarity, origin, and craftsmanship to compete effectively.
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