Geingob wants lasting legacy
… reiterates diamond industry’s huge potential
President Hage Geingob yesterday said he will focus on leaving a lasting legacy before his second and final term as head of state comes to an end in 2025.
“This is a time where we take action to address the problems. The government is going to take action now in the remainder of my time I want to do it and leave a legacy behind,” said Geingob yesterday during his visit to Namib Desert Diamonds (Namdia) headquarters in Windhoek.
During the visit, the President was briefed on the company’s operations, challenges and the way forward.
This is Geingob’s first visit at the national diamond marketing and sales company since its inception in 2016.
“We should leave hope at the end of the tunnel as we speak oil discoveries and green hydrogen capabilities. Let us maintain peace and no one should be left behind,” added Geingob.
He noted it is time for Namibians to hold hands and build the economy using the diamond industry due to the enormous potential in this industry.
President Geingob further said the nation must strive for a vibrant and internationally competitive economy, to bring Namibia on par with the rest of the global players.
“We, therefore, have a duty to safeguard our natural resources and play our individual role towards unity of purpose so as to ensure every Namibian benefits from their diamonds,” said Geingob.
He added the inward circulation of the rewards from natural resources would result in greater opportunities for social and economic mobility and prosperity, where Namibia’s human capital can advance and thrive.
Through Namdia, Geingob noted, government can bolster its efforts and draw investments that further promote value addition and beneficiation within the diamond industry.
At the same occasion, Namdia board chairperson Bryan Eiseb said starting next year, the company will give preference to entities that add value to Namibian diamonds.
“We need to exploit these opportunities to create jobs and add local content and value to Namibian diamonds,” he said.
He further said the company would continue with its corporate social investment initiatives in education, health and sport sectors to ensure all Namibians benefit from the precious stones.
During yesterday’s event, mines minister Tom Alweendo said Namibia produced US$914 million (N$15 billion) worth of rough diamonds last year.
The mining industry accounts for about 10% of gross domestic product (GDP), 40% of export revenue and 7% of annual government revenue.
Alweendo continued that Namdia is expanding its price discovery mandate through the rest of the diamond value chain, with the aim to discover and unlock the true value of the valuable resource.
The latest financial results show that Namdia recorded profit after tax of N$144.7 million compared to N$13.3 million the previous year, while recording N$218 million profit before tax.
Also, a record dividend declaration of N$150 million was presented to the Namibian government as sole shareholder for the 2021/22 financial year.
Furthermore, the diamond company purchased 222 978 carats, representing an increase of 53.8% compared to the previous year. The 2021/22 report stipulated sales revenue increased by 78.7% to US$128 million as well as 36 new clients selected for the 2022/23 to 2025/26 financial years.