Namdia Blames Covid for 86% Profit Slump
November 07, 21
(IDEX Online) - Namib Desert Diamonds (Namdia) has blamed the pandemic for an 86 per cent profit slump.
The government-controlled miner reported full-year post-tax profits of £880,000 in 2020/21, down from $6.31m the previous year.
Namdia sold 144,967 carats at six rough diamond sales during the year, according to the Namibia Economist. The average price per carat was $494.75.
"Rough diamond sales were adversely affected by lockdowns and travel restrictions due to the COVID-19 pandemic, delaying the shipping of rough diamonds into cutting and trading centres and preventing buyers from attending sales events," Namdia said in a statement.
Namdia, established in 2016, is entitled to buy 15 per cent of run-of-mine production from Namdeb, the mining joint venture of De Beers and the Namibian government.