Namibia’s diamond revenues have been overtaken by income from other minerals for the first time, marking a significant shift in the country’s mining sector as record gold prices and rising uranium production help offset the impact of weak diamond markets.
Diamonds have long been a cornerstone of Namibia’s economy, traditionally accounting for around 30% of export earnings and making a major contribution to state revenues. However, the natural diamond industry has faced sustained price pressure since mid-2022, driven largely by the rapid growth in demand for lab-grown alternatives, according to a report by Business Day.
The impact on public finances has been sharp. Tax revenue from diamonds in the six months to September fell by 79% year on year, following a 49% decline in the previous financial year, data from Namibia’s tax authority shows.
In contrast, revenues from non-diamond minerals have surged. “As a result, non-diamond mineral revenues have surpassed diamond revenues for the first time, reinforcing a structural shift towards a more diversified and resilient mining revenue base,” the Chamber of Mines of Namibia said in its October report, published late on Tuesday.
Tax income from other minerals, primarily uranium and gol, rose to N$2.87 billion in the past financial year, almost double the original budget estimate. This figure is projected to increase further to N$3.54 billion in the current financial year.
Non-diamond royalty income has also exceeded expectations, rising from a budgeted N$747.8 million to N$1.03 billion in the last financial year, with the upward trend continuing into the current period.
Namibia’s two gold mines, Navachab and B2Gold’s Otjikoto Mine, benefited significantly from a global bullion rally that saw spot gold prices climb to as high as $4,380 an ounce in October — roughly 60% higher than a year earlier.
Meanwhile, uranium production rose by 22% year on year in the first 10 months of 2025, underlining the growing importance of the sector. Namibia is currently the world’s third-largest producer of uranium, behind Kazakhstan and Canada, positioning the country as a key supplier in global nuclear energy supply chains.
The shift underscores a broader transformation within Namibia’s mining industry, as the country increasingly diversifies beyond diamonds to build resilience against global commodity cycles and evolving consumer trends.
