Namibia’s rough diamond sales hit hard by COVID-19 in 2020/21 financial year

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Namibia’s rough diamond sales during the 2020/2021 financial year were adversely affected by lockdown and travel restrictions due to the COVID-19 pandemic, which delayed the shipping of rough diamonds into cutting and trading centers and prevented buyers from attending sales events, an executive said on Friday.

This resulted in reduced rough diamond demand, which led to declines in sales volume and softening of prices, Namib Desert Diamonds (NAMDIA) spokesperson Beverley Coussement said, as the country’s diamond marketing and sales company announced its dividends to the government.

“The period under review had six sales totaling 144,967 carats for an average of 494.75 U.S. dollars per carat. The full-year group profit after-tax amounts to 13.3 million Namibia dollars (0.9 million U.S. dollars), down 86 percent from the prior year’s 95.2 million Namibia dollars,” she said.

Coussement said NAMDIA managed to declare a 40 million Namibia dollar dividend to its shareholder, the government of Namibia, after considering the results for the 2020/2021 financial year, while the country’s Ministry of Finance received 43.5 million Namibia dollars (32.2 million Namibia dollars in income tax and 11.3 million Namibia dollars in the export levy). Enditem

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