Economist Robin Sherbourne has called on Namibia to explore the possibility of buying out De Beers’ stake in Namdeb and marketing the country’s premium natural diamonds independently, arguing that Namibia’s world-class gemstones deserve greater recognition and higher value in global markets.
Speaking on the future of Namibia’s diamond industry, Sherbourne questioned whether the country’s high-quality diamonds should continue being sold through the De Beers marketing system alongside diamonds from other producing nations.
Namdeb, Namibia’s largest diamond producer, is jointly owned by the Government of Namibia and global diamond giant De Beers. In 2025, the company contributed approximately N$1.32 billion to the national treasury through royalties, corporate taxes and export levies, making it one of the country’s most significant revenue generators.
Despite this contribution, Sherbourne believes the changing dynamics of the global diamond industry present an opportunity for Namibia to reassess its long-term strategy.
“The real question for Namibia is whether we should continue aggregating our exceptional, high-quality diamonds with the rest of the world’s production. Do our diamonds increase the value of the overall market, or does the broader market reduce the value of ours?” he asked.
Changing Diamond Market
The natural diamond industry has faced mounting pressure in recent years as laboratory-grown diamonds continue gaining market share.
Advances in synthetic diamond production have significantly reduced prices for natural stones, affecting profitability across the industry and placing major producers under financial strain.
Sherbourne noted that De Beers’ valuation has fallen sharply over the past few years.
“Between 2023 and 2026, the value of De Beers declined from more than US$9 billion to just over US$2 billion,” he said, highlighting the significant challenges facing the company.
The downturn prompted De Beers’ parent company, Anglo American, to announce plans in 2024 to divest its shareholding in the iconic diamond business as part of a broader corporate restructuring.
According to Sherbourne, Namibia should have immediately begun evaluating what the proposed sale meant for the country’s own interests.
“When Anglo American announced its intention to sell De Beers, Namibia should have undertaken a comprehensive assessment of all available options and considered whether a different ownership or marketing model would better serve the country.”
Premium Diamonds Deserve Premium Markets
Sherbourne argues that Namibia is uniquely positioned because approximately 95% of its diamonds are gem quality, making them among the highest-quality diamonds produced anywhere in the world.
He said Namibian diamonds command a significantly higher value per carat than those produced in neighbouring Botswana and South Africa, giving the country an opportunity to establish itself as a premium supplier of rare natural diamonds.
Rather than selling through the traditional De Beers distribution system, Sherbourne believes Namibia should consider building its own luxury diamond brand.
“Natural diamonds are increasingly becoming a niche luxury product. Namibia should consider breaking away from the De Beers system, establishing direct relationships with cutting and polishing centres such as those in India, and positioning itself as an exclusive supplier of premium natural diamonds.”
He believes this strategy would allow Namibia to capture greater value from its resources while differentiating itself in an increasingly competitive marketplace.
Building a Luxury Brand
Sherbourne acknowledged that the future of natural diamonds will depend less on mass-market demand and more on creating exclusive luxury markets where rarity, provenance and authenticity are highly valued.
Achieving this, however, would require substantial investment in branding, marketing and international market development.
The key question, he said, is whether the Namibian Government would be prepared to invest in building and promoting such premium markets.
Natural Diamonds Still Have a Future
Former Namib Desert Diamonds (Namdia) founding Chief Executive Officer Kennedy Hamutenya shares the view that natural diamonds remain well positioned despite growing competition from laboratory-grown alternatives.
Writing in the latest edition of The Mining Insight News Namibia, Hamutenya said natural diamonds are increasingly evolving into premium luxury products where scarcity and authenticity carry greater value than the stones themselves.
“Natural diamonds will increasingly occupy the premium luxury segment, where rarity, provenance, craftsmanship and emotional significance command value beyond the physical product itself,” he said.
He argued that while laboratory-grown diamonds will continue serving industrial and commercial applications, natural diamonds will remain desirable because of their limited supply and unique origin.
Hamutenya also called on diamond-producing nations to work together to protect the reputation and integrity of natural diamonds.
“Producing nations must collaborate to preserve the reputation of natural diamonds as one of the world’s most exclusive and unique luxury products.”
A Strategic Decision for Namibia
As the global diamond industry continues to evolve, Namibia faces important strategic choices regarding the future of one of its most valuable natural resources.
Whether the country continues its long-standing partnership with De Beers or pursues a more independent marketing strategy, industry experts agree that Namibia’s exceptional gem-quality diamonds remain a valuable national asset capable of generating significant economic returns when positioned effectively in the global luxury market.
