Namibia Received $236M From Diamond Industry Last Year
March 30, 14
(IDEX Online) – The diamond industry contributed $236 million in royalties, taxes and dividends to Namibia’s State Revenue Fund in 2013.
"We expect similar levels of contributions to the state from these strategic resources in 2014," said Minister of Mines and Energy Isak Katali in his budget speech in parliament.
Meanwhile, the Namibia Diamond Trading Company (NDTC) contributed $11 million in dividends to the State as a result of local sales of diamonds to local cutting and polishing factories.
And Namdeb Holdings contributed $7 million in dividends.
Katali said the diamond sector was experiencing some challenges. While prices of rough diamonds have soared, prices of polished goods had stood still causing a reduction in manufacturers’ margins leading some companies to go bankrupt, he told parliament.