Namibia Diamond Trade Confronting Challenges

A year-end review of the diamond industry in the southern African nation of Namibia acknowledged the challenges faced by the local diamond trade but also paid tribute to its accomplishments, All Africa reports. The chief executive officer of the Namibia Diamond Trading Company, co-owned by the De Beers Group and the government of Namibia, said that the firm faced hurdles in the form of currency volatility and production costs in 2012, but that it was meeting its production objectives.

NDTC chief Shihaleni Ndjaba said in a statement that some of the challenges facing Namibia's diamond industry are the exchange rate between the Namibian dollar and the U.S. dollar and the Indian Rupee, and the high cost of labor compared to diamond beneficiation centers in other parts of the world.

Despite this, Ndjaba noted the important contribution made to the assortment of 1.6 million carats of diamonds and the creation of 1300 local jobs over the course of the year, according to All Africa.

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