Global diamond giant De Beers and Namibia are strengthening their diamond partnership amid industry challenges.
De Beers Group Chief Executive Officer (CEO) Al Cook reasserted the company's long-standing partnership with government as the global natural diamond industry faces mounting challenges, including competition from lab-grown synthetic diamonds.
Following a courtesy meeting with President Netumbo Nandi-Ndaitwah at State House, Cook acknowledged current pressures on the natural diamond market as prices have declined in recent months.
Central to the talks, he says, was how the government and De Beers can work together to strengthen the marketing of Namibian diamonds globally, particularly in big markets.
"We're bringing Namibian Diamonds to the United States of America and to countries around the world, and we're telling people the proud story, and we're branding them Desert Diamonds to celebrate the natural environment of Namibia and to tell the people of America, of India, of China, and of other countries that the diamonds are beautiful, but the country the diamonds are coming from is beautiful as well," says Cook.
The Desert Diamonds branding initiative is expected to highlight both the beauty of the diamonds and the country from which they originate.
The CEO also addressed competition from lab-grown diamonds, drawing a sharp distinction between natural and synthetic stones and the importance of educating consumers about these differences.
"A natural diamond takes a billion years to create. A synthetic diamond, you can create in three weeks in a factory in China or India. So they're very different. So what we're doing is we're telling the customers, telling the people who buy diamonds, the difference between something that's rare, that's unique, that's beautiful, that's from Namibia, versus something that's cheap, that's plentiful, that's not rare, and that's made in a factory. So it's very important people know the difference."
The diamond industry's broader economic contribution to Namibia includes approximately 15,000 jobs, and it further funds the construction of schools, hospitals, roads and other social programmes.
President Nandi-Ndaitwah welcomed the De Beers delegation, underscoring the historic relationship between the two parties.
"We have had a long history of working together in the diamond industry, and this meeting today is just meant for us to renew that and help strategise on the way forward considering what is known in the world as to where the diamond industry is."
The renewed commitment comes as De Beers has faced financial headwinds.
Its parent company, Anglo American, recently reduced the internal valuation of De Beers following sustained financial challenges.
Despite these pressures, both De Beers and the Namibian government signalled their intention to deepen cooperation and reposition Namibian natural diamonds in a competitive global market.