{"id":80906,"date":"2024-11-21T16:04:00","date_gmt":"2024-11-21T16:04:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibian-diamond-industry-will-survive-pressure-from-synthetic-diamonds"},"modified":"2024-11-21T16:04:00","modified_gmt":"2024-11-21T16:04:00","slug":"namibian-diamond-industry-will-survive-pressure-from-synthetic-diamonds","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibian-diamond-industry-will-survive-pressure-from-synthetic-diamonds","title":{"rendered":"Namibian diamond industry will survive pressure from synthetic diamonds"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Namibia Diamond Trading Company (NDTC) says the country\u2019s diamond production industry can withstand the threat posed by synthetic diamonds.<\/b><\/p>\n

NDTC says they have shifted their marketing strategy to capture Gen-Z and millenials in an attempt to boost sales of natural diamonds.<\/p>\n

Speaking to Desert Radio on Tuesday, NDTC chief executive officer Brent Eiseb said Namibia will continue to satisfy key traditional diamond markets, including the United States, India and China.<\/p>\n

He said efforts to reposition natural diamonds globally include partnerships with major retailers in these countries, as well as marketing campaigns tailored to younger consumers.<\/p>\n

\u201cWe\u2019ve shifted our messaging to address sustainability, a major concern for millennials and Gen Z. Through blockchain technology, consumers can now trace the origins of their diamonds, including the environmental and social impacts of their production,\u201d said Eiseb.<\/p>\n

The diamond industry has faced many challenges locally and globally, some of which come from the rise of synthetic diamonds.<\/p>\n

The Bank of Namibia\u2019s quarterly report showed that ongoing struggles within the diamond mining sector could extend beyond 2024, potentially stalling the country\u2019s economic growth.<\/p>\n

According to the report, there has been a reduction in production volumes and a decline in international diamond prices.<\/p>\n

Eiseb said although the industry has been hit before, the current challenges are unprecedented.<\/p>\n

\u201cThe diamond industry has weathered downturns before, but what we are experiencing now is unprecedented. Unlike the typical \u2018V-shaped\u2019 recoveries of the past, this is more of a \u2018U-shaped\u2019 situation, with prolonged market challenges,\u201d he said.<\/p>\n

According to Eiseb, there has been a significant decline in consumer demand in key markets like China, which has struggled to regain its pre-pandemic economic momentum.<\/p>\n

\u201cAdditionally, lab-grown diamonds have surged in popularity, particularly in the US market, and global inventory levels have ballooned, causing further strain,\u201d said Eiseb.<\/p>\n

Namibia\u2019s diamond industry contributes 8 to 9% to the gross domestic product (GDP) annually, within a mining sector that accounts for up to 13% of GDP.<\/p>\n

However, production has declined by 14% this year.<\/p>\n

Eiseb emphasised the importance of long-term strategies to sustain the industry amid current struggles.<\/p>\n

However, even with the rise of lab grown diamonds, natural diamonds will still be a preference for many.<\/p>\n

\u201cWe acknowledge the rise of lab-grown diamonds, and it\u2019s clear they are here to stay, but natural diamonds still hold a unique place in the market, especially for special occasions like weddings and anniversaries,\u201d said Eiseb.<\/p>\n

He added that the company is focusing on creating a clear distinction between natural and synthetic diamonds.<\/p>\n

Previously, lab-grown diamonds were priced at a 10% discount compared to natural diamonds, however, they now sell for up to 90% less.<\/p>\n

This shows an oversupply in the market.<\/p>\n

Eiseb said the industry will have a better picture of performance after the diamond-buying season, which runs from November through Valentine\u2019s Day, and typically accounts for 60% of annual diamond jewelry sales.<\/p>\n

\u201cThis season will be pivotal. If our strategies pay off, we could see a turnaround in consumer demand and confidence,\u201d said Eiseb.<\/p>\n

He said in light of the challenges, there are collaborative efforts between the private sector and the government through partnerships like Namdeb and De Beers Marine Namibia.<\/p>\n

\u201cNamibia\u2019s joint venture model is one of the most successful public-private partnerships in the world,\u201d he said.<\/p>\n

\u201cThe industry will not only survive but thrive. These are extraordinary times, but we\u2019re taking the right steps to secure a bright future. The diamond will shine.\u201d<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The Namibia Diamond Trading Company (NDTC) says the country\u2019s diamond production industry can withstand the threat posed by synthetic diamonds. NDTC says they have shifted their marketing strategy to capture Gen-Z and millenials in an attempt to boost sales of natural diamonds. Speaking to Desert Radio on Tuesday, NDTC chief executive officer […]<\/p>\n","protected":false},"author":84,"featured_media":80905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-80906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamibian diamond industry will survive pressure from synthetic diamonds - Namibia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibian-diamond-industry-will-survive-pressure-from-synthetic-diamonds\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibian diamond industry will survive pressure from synthetic diamonds\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. The Namibia Diamond Trading Company (NDTC) says the country\u2019s diamond production industry can withstand the threat posed by synthetic diamonds. NDTC says they have shifted their marketing strategy to capture Gen-Z and millenials in an attempt to boost sales of natural diamonds. 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