The Chairman of Ninety-One PLC, a global diamond consortium, says the stakeholders in the diamond industry are working hard to develop solutions that would enable the sector to adapt and remain competitive.

Gareth Penny paid a courtesy call on President Netumbo Nandi-Ndaitwah at State House, where discussions focused on the current challenges facing the diamond industry and strategies to strengthen the sector's future.

Penny describes the significant pressures confronting the global diamond market as a perfect storm that stakeholders need to navigate to reposition the market.

The industry has been grappling with multiple setbacks occurring simultaneously, including the rise of lab-grown diamonds and weakened demand in key markets.

The impact of tariffs introduced by US President Donald Trump's administration, according to Penny, further exacerbates challenges.

"But we're trying to work very hard to get this idea of the industry working together to find a solution to the problems of the diamond business. Okay. That's what Sonia and I are busy with. It's been a very difficult time, as, as you know, in the diamond business, a lot of things have happened all at the same time."

The diamond sector remains a critical component of Namibia's economy, as President Nandi-Ndaitwah admits her concerns about its impact on national revenues.

"One of the issues of concern that the Minister of Finance mentioned is the negative impact of diamonds, so I'm glad we have come together. Then we can see how the industry can be moved forward. For many years, Namibia has been synonymous with diamonds. But I think if we work strategically, we must still have value."

For a country long synonymous with diamonds, the President and the industry stakeholders argue that the next chapter will depend on innovation and the ability to adapt to a rapidly changing global market.