By: Hertha Ekandjo
The government has reduced its projected revenue from the diamond sector for the 2024/2025 fiscal year by more than N$2.3 billion, citing lower global diamond prices and weakened demand.
Minister of Finance and Public Enterprises Iipumbu Shiimi revealed the revised revenue forecast on Wednesday during the mid-year budget review for the 2024/2025 fiscal year, presented in Parliament.
Shiimi noted that the diamond sector’s ongoing challenges remain the most significant risk to the national budget in the short to medium term.
This revision follows a 14% drop in Namibia’s diamond production during the third quarter of 2024, with total output falling to 0.5 million carats.
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